San Jose/Mumbai, February 26, 2014: eBay announced today that it was leading a new $133.77 million round of funding in Snapdeal, raising its stake in the company following an initial investment made in 2013.
“Accelerating growth in India and other emerging markets continues to be a core strategy for driving eBay’s global e-commerce leadership. eBay is excited about the prospects ahead for both Snapdeal and the eBay India business,” said eBay Senior Vice President and APAC Managing Director Jay Lee. “We continue to invest in Snapdeal due to its complementary business model, good management team and strong brand.”
“eBay’s partnership with Snapdeal will benefit Indian businesses of all sizes, consumers and local commerce.” said Latif Nathani, Managing Director, eBay India.
“We see eBay’s second round of investment in Snapdeal as an endorsement of our strategy and progress. All our current institutional investors including Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital have participated in this round as well which is a strong endorsement of our team” said Snapdeal Co-founder and CEO Kunal Bahl.
About eBay Inc.
eBay Inc. (NASDAQ: EBAY) is a global commerce and payments leader, providing a robust platform where merchants of all sizes can compete and win. Founded in 1995 in San Jose, Calif., eBay Inc. connects millions of buyers and sellers and enabled $212 billion of commerce volume in 2013. We do so through eBay, one of the world’s largest online marketplaces, which allows users to buy and sell in nearly every country on earth; through PayPal, which enables individuals and businesses to securely, easily and quickly send and receive digital payments; and through eBay Enterprise, which enables omnichannel commerce, multichannel retailing and digital marketing for global enterprises in the U.S. and internationally. We also reach millions through specialized marketplaces such as StubHub, the world’s largest ticket marketplace, and eBay classifieds sites, which together have a presence in more than 1,000 cities around the world. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com
About eBay India
eBay India (www.eBay.in) is an online shopping destination where thousands of Indian entrepreneurs list a wide range of products across Electronics, Lifestyle, Collectibles and Media categories. eBay India is a subsidiary of eBay Inc.
Launched in February 2010, Snapdeal.com has seen phenomenal growth in a span of four years and is currently the largest online marketplace in India. Snapdeal’s mission is to create life changing experiences through its platform by connecting buyers to sellers of millions of products and services from thousands of national, international and regional brands. With over 20 million members, 500+ product categories and 20000+ sellers, Snapdeal.com is the shopping destination for internet users across the country, delivering to 4000+ cities and towns in India. Snapdeal also manages TrustPay and SafeShip platforms that provide buyer & seller protection and intelligent logistics enablement, respectively. The company is run by a very young, dynamic & innovative team of over 1000 people, and is backed by leading global investors such as eBay Inc., Intel Capital, Bessemer Venture Partners, Nexus Venture Partners and IndoUS Venture Partners. For further information, visit http://www.snapdeal.com