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UPDATE 1-India's Snapdeal raises $200 mln, giving it $6.5 bln market value

Published 2016-02-15, 02:04 a/m
© Reuters. UPDATE 1-India's Snapdeal raises $200 mln, giving it $6.5 bln market value
AMZN
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9984
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2317
-
BABA
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(Adds details on valuation, background)
MUMBAI, Feb 15 (Reuters) - Indian online marketplace
Snapdeal has raised a $200 million, giving it a valuation of
around $6.5 billion, as the firm looks to ramp up investments in
logistics and infrastructure in the fast-growing domestic
e-commerce sector.
The fundraising, led by Canada's Ontario Teachers' Pension
Plan and funds advised by Iron Pillar, comes at a time when
there are increasing worries about incremental funding among
Indian startups.
In December, Snapdeal co-founder had told Reuters the
company is looking to increase spending on logistics and
technology to better compete with rivals.
Indian e-commerce market, dominated by Flipkart
IPO-FLPK.N , Amazon AMZN.O and Snapdeal, is estimated to be
worth $220 billion by value of goods sold by 2025. E-tailers,
however, are racking up millions of dollars in losses in their
bid to capture market share through deep discounts.
The latest fundraising comes after the company raised $500
million raised last August in another round led by Alibaba (N:BABA) Group
Holding BABA.N , SoftBank Group Corp 9984.T and Foxconn
2317.TW .
Flipkart closed a $700 million fundraising round last year.

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