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January 06, 2013

Deal Alert: eBay to invest in Snapdeal: report

Online marketplace eBay Inc is considering a minority investment in Snapdeal. eBay could join other existing investors led by Bessemer Venture Partners in the latest round of funding for the local e-commerce firm. eBay might initially acquire a 5% stake valuing Snapdeal at around $300 million. 

Snapdeal operates a managed online marketplace for electronics, fashion, lifestyle clients among others. Founded in 2010 by Kunal Bahl, a Wharton graduate and IIT Delhi batchmate Rohit Bansal, Snapdeal rejigged its business model from a daily discount deals engine to an online marketplace and has been looking to raise up to $100 million in fresh funding. Snapdeal's existing investors also include Nexus Venture Partners and Indo-US Venture Partners. It is projected to report $90 million top line revenue in 2012. 

Source: Times of India

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