Snapdeal getting set to be Numero Uno, secures $100 million funding from Azim Premji & other investors

In the growing e-commerce market, Snapdeal has secured yet another round of funding of $100 million from a group of five investors including Azim Premji’s family office. Valued at $1 billion, the investment is the third in the previous year for Snapdeal and fourth Indian startup to reach the milestone.

In addition to Premji Invest, Temasek, BlackRock, Myriad (Hong Kong based asset management company) Tybourne (hedge fund based out of Hong Kong) have also invested in the Gurgaon based firm. They are very selective about their investments, hence it is an achievement for Snapdeal to have secured their funding which reflects their confidence and trust in the future of Snapdeal.

The e-commerce market is currently a battleground in terms of delivery and price points. Snapdeal faces stiff competition from home-grown giant Flipkart and global giant Amazon. All three of them introduced services like same day and next day deliveries within weeks of one another. Aggressive pricing strategies are displayed with steep discounts.

Snapdeal continues to be super aggressive in execution but careful about spending capital. Registering 600% growth in the last year, it aims to reach $1 billion sales this fiscal year.

What Snapdeal’s funding means for an Indian Online Seller?

According to the Snapdeal team, this round of funding was mainly to associate with partners sharing long term vision similar to them. This shows their commitment to expansion and growth which can only benefit sellers associated with them.