Senior Correspondent, IndianRetailer.com & Retailer Magazine May 30, 2017 / 2 MIN READ
Online retail firm, Snapdeal has received Rs113 crore in an emergency financing round from existing investor, Nexus Venture Partners and the company’s co-founders Kunal Bahl and Rohit Bansal.
Nexus has put in Rs 96.26 crore in the latest round, whereas, Snapdeal CEO Bahl and COO Bansal contributed Rs 8.45 crore each.
The funding came at a time when Flipkart has signed a binding term-sheet to acquire Snapdeal and is scheduled to undertake commercial and financial diligence in the next few days.
According to reports, if consented to by all the stakeholders in the troubled online marketplace, Nexus, which has invested $43 million-$45 million in Snapdeal for about a 10% stake, could receive about $60 million in lieu of its holding in the company. It is unclear whether this amount will be entirely in cash or have a stock component as well.
Additionally, Kalaari Capital, the other longstanding investor in the online marketplace and which also holds a board seat, could receive up to $30 million for its 8% holding in Snapdeal.
Recognizing the surge in preference for brand-centric, value-driven retail, Snapdeal has strategically added various lifestyle brands, catering to consumers seeking both quality and affordability.
The synergy between Agoda and Snapdeal capitalizes on the strengths of two industry giants, aiming to address the dynamic requirements of the Indian market.
ONDC’s focus on expanding the online opportunity in India and creating a more inclusive e-commerce ecosystem is well matched with Snapdeal’s focus on growing e-commerce beyond just brands and urban users.
Snapdeal was reportedly looking to raise $152 million at a valuation of about $1 billion.
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