Update: We’ve just heard back from the company, which said that “There’s a lot of inbound investor interest given our growth trajectory, and there are ongoing discussions with investors.”
Earlier: In the my-funding-is-bigger-than-yours game that is Indian e-commerce, eBay backed online marketplace Snapdeal has raised $75 million from Softbank, MediaNama has learned from reliable sources. When contacted by MediaNama, the company’s founders Kunal Bahl and Rohit Bansal declined to comment on this development.
This is the second recent fund raising from the company, and follows close on the heels of its competitor – Flipkart – announcing a fundraising of $200 million last month – the biggest fund raising yet by an Indian e-commerce venture. As of June 2013, the company claims to currently have more than 20 million registered users, with 14-15 million monthly active users, and from what we’ve heard, Snapdeal is currently clocking a gross turnover of more than Rs 100 crore a month.
Just three months ago, Snapdeal had closed a $50 million investment round from a series of investors including Ebay, Intel Capital, Russian venture fund ru-Net, Saama Capital, Recruit Co, existing investors like Nexus Venture Partners, Bessemer Venture Partners and IndoUS Venture Partners and a few angel investors.
Overall, the company has raised a total of $202 million investment until now, which includes a $40 million round from Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners in July 2011 and a $12 million round from Nexus Venture Partners and Indo-US Venture Partners in Jan 2011. In comparison, Flipkart has raised $381 million investment across five different rounds until now and with this investment, Indian e-commerce is now a battle between three key marketplaces: Amazon India, Naspers backed Flipkart and eBay backed Snapdeal.
Snapdeal had recently introduced a fulfillment platform called Safeship, for sellers listing their products on Snapdeal.com. It had acquired the handicraft marketplace Shopo.in in May 2013 and had introduced an international magazine section in April 2013. It had also launched a buyer protection service TrustPay in April 2013.
(Vikas SN contributed to this article)