Homegrown e-commerce major Snapdeal has raised $200 million, mainly to boost logistics and infrastructure in the cut-throat domestic e-commerce sector.
One of the world's largest pension funds, Ontario Teachers' Pension Plan, and Singapore-based investment entity Brother Fortune Apparel led the 11th round of funding Snapdeal, the Jasper Infotech-owned company.
With the latest funding, Snapdeal's valuation has gone past $6.5 billion from around $5 billion last August when it raised $500 million from a group of investors including Alibaba and Foxconn Technology. One of Snapdeal's rivals, Flipkart's valuation is pegged at around $15 billion. Till now, Snapdeal has raised around $2 billion.
"We see these investments as a continuing endorsement of Snapdeal's strategy to build India's most reliable and frictionless commerce ecosystem. We continue to make targeted investments in building internal and external capabilities that will enable us to consistently deliver optimal experience for the millions of buyers and sellers who transact daily on Snapdeal," Anup Vikal, chief financial officer, Snapdeal said.
Over the past two years, Snapdeal has made significant investments in technology and in complementary acquisitions to build India's most reliable and frictionless commerce ecosystem. Snapdeal has more than 275,000 sellers, 30 million plus products and a reach covering more than 6,000 towns and cities across India.
Ontario Teachers' is Canada's largest single-profession pension plan with $154.5 billion in net assets. Iron Pillar is a venture capital fund focused on filling the gap for mid stage technology investments in India. (SH)
Fibre2Fashion News Desk – India