Wednesday, August 27, 2014

After #Azim Premji, #Ratan Tata invests in #Snapdeal

Ratan Tata, Tata Sons Chairman Emeritus, has invested in online marketplace "Mr Tata has made a personal investment in the company," Snapdeal cofounder and CEO Kunal Bahl said. The investment amount, however, was not disclosed.

Snapdeal, which has raised about USD 400 million since its inception, has invested about USD 100 million in logistics and operations to expand its presence in the USD 3 billion Indian eCommerce market.

The New Delhi-based e-commerce company had raised USD 100 million (about Rs 600 crore) in May from Temasek, BlackRock Inc, Myriad, Premji Invest and Tybourne, while in February, it had received funding worth USD 133.7 million (about Rs 830 crore) from its existing investor, eBay and others.

Snapdeal was valued at $1 billion (about Rs 6,000 crore) after its last funding round in May earlier this year, has raised some $320 million (Rs 1,943 crore) across several rounds, and counts investors, such as, eBay, BlackRock Financial Management, sovereign wealth fund Temasek and PremjiInvest - the personal investment vehicle of Wipro chairman Azim Premji