eBay is leading a new $133.77 million round of funding in #snapdeal, raising its stake in the company following an initial investment of $50mn made in 2013. The current round also witnessed participation from existing investors including Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital.
“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
Snapdeal has been aggressive with its marketplace model and recently introduced services commerce marketplace with educational content. Post this funding, the rumors of Snapdeal looking at US listing is definitely off the table.
Having said that, isn’t Snapdeal cozying into getting acquired by eBay? Especially after this investment?
Competitor Flipkart raised $160mn in October 2013, Myntra recently raised $50mn from Premji foundation and Jabong raised $27.5mn . The ecommerce marketplace bloodbath is on, but Snapdeal has a leverage on the fact that it was a marketplace model from day one and never had to worry about inventory cost.
Recommended Read : NextBigWhat’s 3-part series interview with Snapdeal cofounder, Kunal Bahl: