| Log in

Now Snapdeal looking to raise $300M in fresh PE funding

01 August, 2014

It was just waiting to happen. After Flipkart announced its $1 billion fundraising and Amazon went one up by committing $2 billion investment in India, Delhi-based Jasper Infotech Pvt Ltd, which runs the online marketplace Snapdeal.com, has asked its financial advisor Credit Suisse to scout for $300 million from private equity investors, sources privy with the development told VCCircle.

Previously media reports citing sources had suggested the firm is looking to go public within a year and had mandated Credit Suisse and Goldman Sachs to prepare groundwork for the same. Snapdeal co-founder Kunal Bahl had recently said it is targeting a US public float in 12-24 months.

“Snapdeal will raise a few more rounds of funding before going public,” said a source.

Although Snapdeal has raised $233 million in two rounds since January this year, the big announcements by Flipkart and Amazon have raised the stakes in the e-commerce game.

Several calls made to Snapdeal’s co-founder Bahl remained unanswered while an email query didn’t elicit any response.

Text message sent to Credit Suisse spokesperson in the region did not immediately elicit a response.

The company has recently roped in Abhishek Kumar of Palaash Ventures to look after M&As and investments.

Less than three months ago, Snapdeal secured $100 million (Rs 590 crore) in a fresh round of funding from a group of investors, including US-based BlackRock Financial Management, Singapore’s sovereign wealth fund Temasek, Hong Kong-based Myriad Asset Management and Tybourne Capital Management, besides PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji.

Prior to that, the company had raised $133.77 million led by existing investor eBay Inc early this year. So far, Snapdeal has raised $320 million.

PremjiInvest is now a common investor in Snapdeal and Flipkart after the latter acquired Myntra, a firm in which PremjiInvest had put in money recently.

Snapdeal was started as a pure online deals site and later it pivoted to a full-fledged horizontal e-commerce company via a marketplace model in September 2011. Early this year, the firm acquired Doozton.com, a curated and socially-nurtured fashion shop that offers hand-picked fashion-finds and seeks to help people make better shopping decisions and discover fitting apparel. This came exactly a year after the firm snapped Shopo.in for an undisclosed amount.

In a recent interview with The Hindu Business Line, Bahl said that Snapdeal is considering two more acquisitions in the Indian technology space.

(Edited by Joby Puthuparampil Johnson)


Leave Your Comment
Snapdeal set to raise a large round from an Asian investor

Snapdeal set to raise a large round from an Asian investor

TEAM VCC 3 years ago
One of India’s largest e-commerce companies, Jasper Infotech Pvt Ltd,...
Snapdeal aims US public float in less than 2 years

Snapdeal aims US public float in less than 2 years

Nikita Peer 4 years ago
Delhi-based Jasper Infotech Pvt Ltd, which runs the online marketplace Snapdeal...
Snapdeal raises $100M in fresh funding from BlackRock, Temasek, PremjiInvest, others

Snapdeal raises $100M in fresh funding from BlackRock, Temasek, PremjiInvest, others

Sainul K Abudheen 4 years ago
Delhi-based Jasper Infotech Pvt Ltd, which runs the online marketplace Snapdeal...
No Comments

Now Snapdeal looking to raise $300M in fresh PE funding

Powered by WordPress.com VIP