Ratan Tata, Chairman Emeritus, Tata Sons, has made a personal investment in #snapdeal.
Over the last 2 years, Snapdeal has seen 600% growth year-on-year and currently houses over 5 million products across 500+ diverse categories from over 50,000 sellers.
“This is a very proud and exciting moment for the entire Snapdeal family. An investment by a legendary and respected figure like Mr. Tata is an excellent validation of our focused strategy on building a long term enterprise and marks the start of a very important phase for the company.” says Kunal Bahl, founder and CEO of Snapdeal.
So far, Snapdeal has raised $350mn funding over 5 rounds (Earlier, Snapdeal had raised $133.77 Mn in funding) from BlackRock, Temasek, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners, among others.
Ratan Tata’s funding rumor has been doing rounds for quite some time.
Snapdeal has also announced partnership with Tata housing to sell Tata Value Homes on Snapdeal (mere coincidence, but will Tata use Snapdeal for its ecommerce ventures?).
Some of the other bigwigs who have taken a shot at startup funding include Premji (invested in Myntra) and Snapdeal and NRN who launched Catamaran fund.
Competition Flipkart raised a billion dollar and Amazon plans to invest $2Bn in Indian market.