Snapdeal is close to raising funding worth $600-$650mn, as per a latest report from Reuters. The funding will be led by existing investor Japan’s SoftBank Corp to expand Snapdeal’s operations.
The report says that the funding is likely to be announced sometime next week. In addition to SoftBank, other investors in the funding include eBay Inc,Temasek Holdings Pvt Ltd and Ratan Tata, the former chairman of the Tata conglomerate. Snapdeal received a funding worth $133.27 million from eBay in February this year. While in May, it secured $100 million in funding from Temasek, BlackRock Inc, Myriad, Premji Invest and Tybourne. The company is valued more than $1 billion.
Snapdeal competes with big e-commerce players like Amazon and Flipkart. While Amazon announced that it is investing $2 billion in India, Flipkart secured $1 billion in funding from existing investors in June.