eBay Inc (NASDAQ:EBAY) is leading a $133.77 million investment in Indian e-commerce company Snapdeal. This round of funding follows a previous investment round that eBay made in Snapdeal last year. Snapdeal has raised a total of $202 million across five rounds of funding.
?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? stated Snapdeal co-founder and CEO Kunal Bahl.
eBay and Snapdeal will continue to work separately. eBay sees the investment as an opportunity to capitalize on the accelerated growth in India and other emerging markets.