Snapdeal is trying to expand vigorously and in order to fund its expansion; it is in talks with General Atlantic and existing investors like Bessemer Venture Partners, Nexus Venture Partners and IndoUS Venture Partners to raise Rs 550 crore. Private equity firm General Atlantic (GA) has last year failed to finalise a deal with Flipkart.
Snapdeal is run by Jasper Infotech Pvt Ltd and was founded by Kunal Bahl in 2010 and has got a series of funding to make it like Groupon in the US.
- $40 million from Bessemer, along with existing investors Nexus and IndoUS, at a valuation of around $180 million.
- $12 million by Nexus and IndoUS in January the same year.
Why it is being so aggressive?
It has earmarked USD 20 million to make up to four acquisitions in 2012. It wants to take a head start and wants to maintain the same.