Times of India has just reported that Snapdeal, India’s 2nd largest e-retail website after Flipkart, has raised investment from Chairman-emeritus of Tata Group, Ratan Tata.
As per the report, Tata has invested in the company in his personal capacity. The amount which he has invested, has not been disclosed.
This is yet another large scale investment in India’s rapidly growing e-commerce industry. Earlier, Flipkart had raised a staggering $1 Billion through it current investors, followed by Amazon investing $2 Billion in its Indian arm.
Snapdeal CEO, Kunal Bahl said,
This is a very proud and exciting moment for the entire Snapdeal family. 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
We have contacted Snapdeal for their comments but expect the investment to be in large numbers, considering the fact that Ratan Tat has invested.