eBay leads new funding in Snapdeal
E-commerce marketplace eBay announced today that it was leading a new USD 133.77 million round of funding in online market Snapdeal, raising its stake in the company following an initial investment made in 2013.
"Accelerating growth in India and other emerging markets continues to be a core strategy for driving eBay's global e-commerce leadership. eBay is excited about the prospects ahead for both Snapdeal and the eBay India business," said eBay Senior Vice President and APAC Managing Director Jay Lee.
"We continue to invest in Snapdeal due to its complementary business model, good management team and strong brand."
"eBay's partnership with Snapdeal will benefit Indian businesses of all sizes, consumers and local commerce," said Latif Nathani, Managing Director, eBay India.
"We see eBay's second round of investment in Snapdeal as an endorsement of our strategy and progress. All our current institutional investors including Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital have participated in this round as well which is a strong endorsement of our team," said Snapdeal Co-founder and CEO Kunal Bahl.
(Posted on 27-02-2014)