The investment that has been made by Rata Tata’s personal fund to Snapdeal, stands as a testimony to the growth and success of a company that’s just four years old.
After much speculation from the sources, Snapdeal.com, one of India’s leading e-commerce website confirmed the news of personal funding from Tata Sons’s chairman, Ratan Tata.
The amount of funding remains undisclosed.
While the investment has been made by Rata Tata’s personal fund, it still stands as a testimony to the growth and success of a company that’s just four years old.
Earlier this year, Snapdeal had raised $133 million led by eBay, which had previously invested $50 million in the company.
E-commerce enabling companies are next on the horizon. In a short entrepreneurial journey that began in 2007, Kunal Bahl and Rohit Bansal, founders of Snapdeal.com, were running out of funds to pay salary to their employees.
The firm they owned then was a small direct marketing firm known as Jasper Infotech.
Today, Snapdeal has a total capital worth $435.6 million, backed by 14 investors and has made 4 acquisitions till date.
Some of the leading investors include Kalaari Capital, Nexus Venture partners, Bessemer Venture Partners, Intel Capital and Saama Capital.
Speaking about the funding, Kunal Bahl, Co-founder of Snapdeal said, “This is a very proud moment for Snapdeal. 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.”
Innovation and flexibility have marked Snapdeal’s rapid growth.
The founders give credit to the employees and Snapdeal team, for having achieved whatever growth and success until now.