After the rumored talks of Alibaba investing in Snapdeal broke off, Snapdeal is stating that it has enough capital and at the moment it might not raise any cash just because its “trendy”.
Last year, Snapdeal, had raised $627 million funding from Japan’s SoftBank making a total sum of over $1 billion funding so far.
“We have enough capital. In fact, we have used a fraction of the amount that we have raised. We don’t have to raise money now just because it is fashionable,” Snapdeal co-founder and CEO Kunal Bahl.
As per the latest rumors, the investment talks between Alibaba and Snapdeal broke off over valuation – Snapdeal was looking at $5Bn+ valuation, while Alibaba wasn’t keen beyond $4Bn valuation.