Snapdeal, a fast-growing shopping website has capped off $100 million in new equity financing, enabling the company to become even bigger than it is now.
The company announced the news in a statement earlier today, three months after it revealed a separate $133.7 million round of equity financing.
Competitors include Flipkart, Amazon.com’s Indian website, and eBay India. Its business model resembles that of IPO-bound Alibaba. Snapdeal vets sellers before letting them list products on the site.
“We are the market-leading company in the largest growing space in India,” Snapdeal chief executive Kunal Bahl told VentureBeat earlier this year. “People who didn’t invest in Alibaba won’t want to miss the one in India.”
Snapdeal launched in 2010, and it has since accumulated more than 25 million members, 30,000 sellers, and 500 product categories. Kitchen appliances, electronics, musical instruments, couches, scooters, and clothing are available on the site. A sari is sold on the website every two minutes, according to the company.
Funds managed by Temasek, BlackRock, Myriad, Premji Invest, and Tybourne participated in today’s Snapdeal round, according to the statement.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.