One of India’s leading e-retailers, Snapdeal has said it would not raise money just because it is “fashionable”.
Snapdeal, which received US$ 627 million funding from Japan’s SoftBank last year, said it still continues to receive investors’ interest.
“We have enough capital. In fact, we have used a fraction of the amount that we have raised. We don’t have to raise money now just because it is fashionable,” Snapdeal co-founder and CEO Kunal Bahl told the media in New Delhi recently.
Snapdeal has, so far, raised more than $1bn, including funding from telecom giant SoftBank (about Rs 3,762 crore) and Tata Group Chairman Emeritus Ratan Tata (personal investment).
Other investors include eBay, Tybourne, Myriad, Blackrock Inc, Temasek and Premji Invest.
“We have used our funds in a very efficient manner. Raising money is a full time job and we want to focus on our business. We want to bring entrepreneurs on board (who have products and solutions) because in the long term that will help sustain the business,” he said.
Snapdeal claims to have over 40 million registered users and one lakh sellers on board.
It competes with other e-commerce players like Flipkart and Amazon.
Reports suggest that Flipkart is in advanced talks to raise up to $800 million in fresh capital and may also look at an initial public offer in the coming months.
Fibre2fashion News Desk - India