Snapdeal, one of the larger online e-commerce companies in India, has raised $100 million from Temasek, BlackRock, Myriad, Premji Invest and Tybourne. This follows a $133 million round of funding from marketplace giant eBay, Bessemer Venture Partners and others that was just announced three months ago. This brings Snapdeal’s total funding to over $400 million.
The e-commerce market in India has been exploding, thanks to the rapid rapid rise of online consumers and global investors eager to get a piece of the action. India’s e-commerce market is projected to grow sevenfold to $22 billion in the next five years, as Internet infrastructure improves further, making it easier for the country’s nearly 200 million online population to shop on-the-go. The country’s e-commerce market is currently worth $3.1 billion annually.
Snapdeal also recently acquired fashion products discovery site Doozton in April. We hear the funding will be used towards new acquisitions as well.
“We see this financing round as another endorsement of Snapdeal’s differentiated strategy and progress as India’s largest online marketplace. We are pleased to welcome several marquee global investors as our partners and believe their association will contribute to Snapdeal’s long-term success. Our mobile and internet commerce marketplace is now connecting millions of buyers to a very large base of sellers that offer products and services of national and international brands. We will continue to focus on creating life changing experiences for the buyers as well as sellers in the Snapdeal ecosystem.” said Snapdeal co-founder and CEO Kunal Bahl in a release.
This funding news comes amidst the acquisition reports between Flipkart and Myntra. According to these reports, India’s largest retailer, Flipkart, is set to buy Myntra in a deal worth $330 million.