Snapdeal raises $100 million from five investors

New Delhi, May 21: Online retail company Snapdeal has raised $100 million from a group of five investors, a company statement said here Wednesday. The investors in this financing are funds managed by Temasek, BlackRock Inc., Myriad, Premji Invest and Tybourne. “We see this financing round as another endorsement of Snapdeal’s differentiated strategy and progress as India’s largest online marketplace. We are pleased to welcome several marquee global investors as our partners and believe their association will contribute to Snapdeal’s long-term success. “Our mobile and internet commerce marketplace is now connecting millions of buyers to a very large base of sellers that offer products and services of national and international brands. We will continue to focus on creating life changing experiences for the buyers as well as sellers in the Snapdeal ecosystem.” Kunal Bahl, Snapdeal’s co-founder and chief executive officer said. This financing follows Snapdeal’s previous round of equity financing of $ 133.77 million that was completed in February 2014 with participation from Snapdeal’s existing investors including eBay Inc., Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital. Credit Suisse acted as Snapdeal’s exclusive financial advisor and Indus Law acted as Snapdeal’s legal advisor for the financing.