Ebay pumps in 133.77 million dollars in Snapdeal

After Flipkart and Myntra, now Snapdeal, another leading Indian e-commerce platform, has secured over 133 million dollars

(over Rs 800 crores) funding led by eBay. So far, the Delhi-based company has raised over 200 million dollars (over Rs 1,200 crores) through five rounds of investments.

Earlier in 2013, the company got 50 million dollars (over Rs 300 crores) from eBay and a group of other existing investors. The company had recently announced its plans of achieving sales target of over 1 billion dollars (over Rs 6,000 crores) by March 2015 on the back of growth being witnessed by the e-commerce segment. Snapdeal expects to close the current fiscal with over 500 million dollars (over Rs 3,000 crores) in sales.

With the latest round of funding, Snapdeal will get a boost to pursue its goals faster amid tough competition from rival companies like Flipkart and Myntra. With a strong workforce of over 1,000 people, Snapdeal is backed by global investors like eBay, Intel Capital, Bessemer Venture Partners, Nexus Venture Partners and IndoUS Venture Partners. It is also looking at listing on the US share market in the next two years.

Snapdeal recently ventured into services commerce by launching an education marketplace. Beginning with education, the platform may later introduce other services like financial products (insurance, loans) and utility payments. The company has also shifted to a multi-lingual platform and customers can now access the site in Hindi or Tamil, apart from English. Moving ahead, the company plans to introduce other languages like Kannada, Telegu, Bengali and Marathi as well.