Snapdeal Gets $40 Mn From Bessemer, Nexus Venture And IndoUS Venture

SnapDeal.com has raised $40 Mn in series B funding led by Bessemer Venture Partners, along with existing investors Nexus Venture Partners and IndoUS Venture Partners.

The funds will be used to expand its operations and employee base to 800 from current 500.

This year in January, Snapdeal raised $12 Mn from Nexus and IndoUS.

Snapdeal operates across 50 cities in India retailing 10,000 brands, averaging at 1.5 Mn new members per month. Its members has increased from 1Mn to 8 Mn in six months.

It also has operations in 5 countries - Sri Lanka, Nepal, Bangladesh, Maldives and Singapore and plans to acquire companies in Asia-Pacific region.

Founded by Kunal Bahl and Rohit Bansal, Snapdeal, owned by Jasper Infotech, initialy launched with retail lifestyle services, has diversified into branded products, electronics, fashion accessories and travel.

Last year, Jasper has also launched BabyBox.in, a parent informative portal and it aims to become a platform for hospitals, baby care brands to interact with parents.

last year, Snapdeal acquiredBangalore-based Grabbon.

Recently, Snapdeal adopted a remote village in India and enabled clean drinking water facilities for its people by installing manual pumps. To show their gratitude, the village’s residents have decided to rename their village to Snapdeal.com Nagar.

In teh group buying space, earlier this month, Mumbai-based RCSPL, which owns real estate group buying portal GrOffr.com raised $1 Mn in its first round of funding from Indian Angel Network.

by Charmi Gutka | July 29,2011 - 10:52 AM

Topics        : Private Equity
Industries  : Technology