Ratan Tata, Tata Sons Chairman Emeritus, has invested in online marketplace Snapdeal.com.
“Mr Tata has made a personal investment in the company,” Snapdeal cofounder and CEO Kunal Bahl said. The investment amount, however, was not disclosed.
“This stands testimony to the growth and success that we have seen in a short span of 4 years,” Bahl said.
Snapdeal, which has raised about USD 400 million since its inception, has invested about USD 100 million in logistics and operations to expand its presence in the USD 3 billion Indian e-commerce market.
“An investment by a legendary and respected figure like Mr Tata is an excellent validation of our focused strategy on building a long term enterprise and marks the start of a very important phase for the company,” Bahl said.
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
- O. Panneerselvam: 10 Things You Need To Know
- PM Narendra Modi Slams Opposition For Not Letting Parliament Function
- Nawazuddin Siddiqui On Working In Raees: Was Nervous To Shoot With Shah Rukh Khan
- Bathinda Dancer Murder: Video Showing Accused Opening Fire At Marriage
- 5 Lesser Known Facts About Sasikala Natarajan
- Congress Leader Shashi Tharoor’s Delhi Home Burgled: Here’s What Happened
- Reserve Bank Of India Keeps Repo Rate Unchanged Post Demonetisation
- Bigg Boss 10 Dec 06 Review: Swami Om Pees In Kitchen
- Lenovo k6 Power Video Review
- Bigg Boss 10 December 5 Review: Manveer Calls Swami Om ‘kachdaa’
- PM Narendra Modi Declared Winner Of TIME Magazine’s Person Of The Year – Reader’s Poll
- Paneerselvam sworn in as new Chief Minister of Tamil Nadu
- Tamil Nadu CM J Jayalalithaa Passes Away After Suffering Cardiac Arrest
Snapdeal has seen 600 per cent growth year-on-year for the last two years, he added.
Snapdeal currently houses over 5 million products across 500 diverse categories from over 50,000 sellers.
The city-based firm had raised USD 100 million (about Rs 600 crore) in May from Temasek, BlackRock Inc, Myriad, Premji Invest and Tybourne, while in February, it had received funding worth USD 133.7 million (about Rs 830 crore) from its existing investor, eBay and others.
A report by consulting firm Technopak pegs the USD 2.3 billion e-tailing market to reach USD 32 billion by 2020.
Snapdeal rival Flipkart on July 29 announced a USD 1 billion funding, which is the largest in the fledgling ecommerce sector. A day later, world’s largest e-tailer Amazon said it will pump in USD two billion to bolster business here.
Another report by consultancy firm PwC and industry body Assocham suggests that e-commerce firms are expected to spend up to USD 1.9 billion by 2017-2020 on infrastructure, logistics and warehousing.