Snapdeal receives $100 million in funding
Snapdeal is an India-based e-commerce service that has raised $100 million in funding. BlackRock participated in this round along with Temasek, Myriad, and Premji Investment. This deal values Snapdeal at around $1 billion. Around 20,000 businesses list products on Snapdeal, including consumer electronics and clothing. Snapdeal is available in the English, Hindi, and Tamil languages.
One of Snapdeal’s largest competitors is Flipkart, which has raised over $500 million in funding. Snapdeal also competes against eBay India and Amazon India. However, eBay is an investor in Snapdeal.
For the upcoming fiscal year, Snapdeal is expected to generated around $1 billion in gross sales. Snapdeal generates revenue from a cut of every purchase.