Bengaluru: The e-Commerce companies in India continue their fundraising spree as Snapdeal, the New Delhi headquartered e-Commerce giant, raises $500 million in a funding round led by Alibaba Group and Taiwanese electronics manufacturer, Foxconn. Existing investor SoftBank also contributed to the round. Through this round, the overall value of the company has raised to $5 Billion. Last week, Snapdeal’s immediate competitor, Flipkart had raised $700 million from its existing investor Steadview Capital.
Snapdeal, owned and operated by Jasper Infotech, was founded in 2010 by Rohit Bansal, an ex-IIT Delhi graduate and Kunal Bahl, a Wharton graduate. It offers over 10 million branded products listed under various categories like mobile phones, electronics, computer accessories, home decor, watches, cosmetics, footwear, kitchenware and many more, from over 1,00,000 sellers. The company also claims to be able to ship the products to over 5,000 towns and cities in India.
Till date, Snapdeal has raised eight funding rounds from over 15 investors and has also completed nine acquisitions. Its recent acquired companies include MartMobi Technologies, FreeCharge, RupeePower and Exclusively in May, April, March and February this year respectively.