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Snapdeal Raises $50M From eBay, Others: Report

Online marketplace Snapdeal.com has raised funding in a Series C round for $50 million from eBay Inc and existing investors  Nexus Venture Partners, Bessemer Venture Partners and IndoUS Venture Partners, reports Nextbigwhat, stating that the investment was made four months ago, however, the publication hasn't received any confirmation from either sides. According to a report by Techcrunch, this investment makes eBay a minority share holder in Snapdeal. With the current investment, Snapdeal has raised a total of $102 million in funding, however, it's not clear how it plans to utilize the funds raised. Snapdeal had raised $40 million in a series B funding round from Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners in July 2011, and subsequently pivoted from being a deals site to an online marketplace model. Marketplaces are in compliance with India's Foreign Investment rules for E-commerce, since the marketplace doesn't take ownership of inventory. This is similar to eBay’s B2B model in India, and both companies essentially operate in the same segment. In January 2011, Snapdeal had raised $12 million from Nexus Venture Partners and Indo-US Venture Partners, as part of its second round funding. eBay India, which currently has only about 5 million registered users, has not been able to grow at that faster rate as it would like.  However, as we'd explained earlier, Investing In Snapdeal Doesn’t Make Sense For eBay We believe that an outright acquisition of Snapdeal would make more sense for eBay. It could shut it down to eliminate competition, and shift users and vendors to the eBay marketplace. This is what Flipkart did…

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