MUMBAI: SnapDeal.com, an ecommerce portal that offers deals on dining, health, beauty and offers branded products like electronics, perfumes, watches, etc became the most recent beneficiary of private equity funding.
It raised $40 millon from global investors Bessemer Venture Partners, along with existing investors Nexus Venture Partners and IndoUS Venture Partners. The portal claims this to be the largest single round of private investment in an internet company in India to date.
Talking about the investment, Kunal Bahl, CEO, SnapDeal.com told ET, "We already have 50-city presence and are looking forward to expand that number to 100 cities. Our new initiative—Deals Near Me—is already giving customers customized deals according to their respective locations and preferences. With this fresh investment SnapDeal will opportunistically assess international expansion options that we are currently assessing."
Snapdeal has 8 million members and the site gets 1.5 to 2 million unique visits everyday. Spas, salons and restaurants are among the biggest selling categories on the website.
The site recently launched branded products & accessories earlier this year, and Bahl says this initiative is "seeing tremendous consumer uptake as high fashion brands have now become much more affordable for our customers."
Some of the national and international brands partnering with SnapDeal.com include Levi's, Pizza Hut, Nike, Reebok, Blackberry mobile phone, Marriott and Hyatt Hotels among others. Besides this Snapdeal.com also partners with over 10,000 retail businesses, both small and big across India.
It raised $40 millon from global investors Bessemer Venture Partners, along with existing investors Nexus Venture Partners and IndoUS Venture Partners. The portal claims this to be the largest single round of private investment in an internet company in India to date.
Launched in February 2010, the portal is looking to close this year with Rs 100 crore turnover.
Talking about the investment, Kunal Bahl, CEO, SnapDeal.com told ET, "We already have 50-city presence and are looking forward to expand that number to 100 cities. Our new initiative—Deals Near Me—is already giving customers customized deals according to their respective locations and preferences. With this fresh investment SnapDeal will opportunistically assess international expansion options that we are currently assessing."
Snapdeal has 8 million members and the site gets 1.5 to 2 million unique visits everyday. Spas, salons and restaurants are among the biggest selling categories on the website.
The site recently launched branded products & accessories earlier this year, and Bahl says this initiative is "seeing tremendous consumer uptake as high fashion brands have now become much more affordable for our customers."
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Some of the national and international brands partnering with SnapDeal.com include Levi's, Pizza Hut, Nike, Reebok, Blackberry mobile phone, Marriott and Hyatt Hotels among others. Besides this Snapdeal.com also partners with over 10,000 retail businesses, both small and big across India.
( Originally published on Aug 03, 2011 )
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