There was a recent report (in Businessworld) mentioning Snapdeal’s funding from NEA-IUV. We got couple of emails from our readers asking for more details/clarifications around the same. I spoke with Kunal Bahl, Founder & CEO of Snapdeal to get the right perspective and the deal is that Kunal did raise funds from NEA-IUV – but not for Snapdeal.
The fund was raised for Jasper, the parent company that operates another discount coupons site called moneysaver.in (read our coverage) and the fund was was raised even before Snapdeal was launched.
In it’s current avatar, Snapdeal has 230+ employees (they recently acquired Bangalore based Grabbon) and the company boasts of 300,000 registered users and 5, 000 merchants. The company is launching a newer version of the site next week and will announce the funding round in the coming days.
– Group Buying Startup, Taggle Raises $8.75mn Funds from Battery Ventures and Greylock Partners
– Insights on ecommerce in India
Relative Traffic of Group Buying Sites
Though there are dozens of group buying sites in India, expect consolidation in the coming days (Wanamo : DealsAndYou). The group buying business is more of a retail business (not a technology business) and from a year now, expect 2-3 players distributed across the different zones.
The good news is that existence of so many players just adds to consumer’s delight (variety of discounts across different categories).
Who do you think will survive in this space?
Recommended Read: What’s the deal with the Group Buying sites in India?
