Snapdeal raises 50 million Series C funding

E-commerce retailer Snapdeal.com has raised 50 million dollars

(around Rs 270 crores) from eBay and existing investors, including a Japan-based financial institution. The buzz in the investment was led by eBay with participation from existing investors Bessemer Venture Partners, Nexus Venture and Indo-US Venture Partners. With this round, Snapdeal has raised 102 million dollars (Rs 550 crores) of total funding.

Snapdeal has raised 12 million dollars (Rs 65 crores) from Nexus Venture Partners and Kalaari Capital (formerly Indo US Venture Partners) in January 2011 and later it raised 40 million dollars (Rs 217 crores) in series B funding from Bessemer Venture Partners, along with existing investors Nexus Venture Partners and IndoUS Venture Partners in July same year.

Started as a discount deals engine in 2010 by Kunal Bahl and Rohit Bansal, Snapdeal has now turned into marketplace and is shipping to around 4,000 cities in India.