The e-commerce player Snapdeal is reportedly in talks with investors to raise $100 million, after nearly 3 years the company is looking to raise funds from existing investor like Softbank and new investors also.
The funds are expected to come from new and existing investors, including Japan’s SoftBank and the firm has reportedly told prospective investors that SoftBank committing to half the round. This means effectively they are looking for someone to come up with $50 million.
According to the Economic Times report, Snapdeal is looking at a valuation of anywhere between $800 million to $1.2 billion.
Snapdeal is co-founded by Kunal Bahl and Rohit Bansal. The founders had to rethink their business model in 2017 and switched to advertising more local, unbranded products.
This ensured that there was a larger margin to play around with though volumes were limited.
The development comes after the acquisition of ShopClues, once valued at $1.1 billion. Recently it was acquired by Singapore’s Qoo10 for less than $100 million.
#Snapdeal is in talks to raise about $100 million from new and existing investors, including #Japan’s #SoftBank, in what will be its first major fresh capital-raise in over 3 years https://t.co/BvI45Uyb2X— Economic Times (@EconomicTimes) November 12, 2019