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Snapdeal Has Pulled in Another $200M in Funding

Snapdeal Has Pulled in Another $200M in Funding

2016-02-16 15:21

The second largest e-commerce site in India has landed $200 million in new funding via an investment led by Ontario Teachers’ Pension Plan.

Online marketplace Snapdeal has raised $200 million, giving it a valuation of around $6.5 billion, Financial Times report.

The fundraising, led by Canada's Ontario Teachers' Pension Plan, comes after the company raised $500 million last August in another round led by Alibaba Group Holding, SoftBank Group Corp and Foxconn.

– 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, says Snapdeal chief financial officer, Anup Vikal.

India Remains Attractive to Investors

The investment comes at a time when there are increasing worries about incremental funding among Indian startups but the deal confirms that the country´s start-up scene remains attractive to investors.

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Six-year-old Snapdeal, which is generally seen as second to Flipkart with Amazon in third, claims to have over 30 million products from more than 275,000 sellers and caters to more than 6,000 cities and towns in India.

All together Snapdeal has raised about $1.8 billion. Flipkart has raised $3.2 billion, and Amazon has pledged $2 billion toward India expansion.

Jimmy Andersson

Senior editor

Freelance journalist who have gone from covering sports to online retailing. Been writing about e-commerce for four years.

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