Snapdeal is far from over. The company, which once was in a neck-to-neck race with both Flipkart and Amazon India, may not be the over $2Bn valued company that it used to be. But in past couple of years, Snapdeal has surged back, posting strong financial numbers and excelling in where it matters most — business.
And looks like, Anand Piramal, the scion of healthcare behemoth Piramal Group, has decided to put in faith in this renewed Snapdeal. That faith has converted into money, which has resulted in Snapdeal receiving fresh external capital after a very long time.
“Snapdeal’s sharp execution in bringing great selection to the mass market segment in tier 2-3 cities has been quite successful, leveraging the growing Internet penetration in these geographies,” Piramal said in a prepared statement.
The amount and valuation remain undisclosed. Snapdeal was last valued at Rs. 17,255.5 crore in March 2017 (close to $2.5 Billion) when it raised Rs. 113.2 crore from Nexus Venture Partners along with co-founders Kunal Bahl and Rohit Bansal. SoftBank Group continues to be the largest investor in the company with a 33% stake.
Firoz joins The Tech Portal to report on all stuff that relates to developers and their community. He is actively involved in multiple startups, helping them build and develop modern web products.