It is boom time in Indian e-commerce space. The heat is on for an epic race between Snapdeal, FlipKart and Amazon India. All 3 major players are vying to corner a piece of the lucrative Indian market that a Goldman Sachs report pegged at $100 billion (FY20201) reports the Economic Times.
FlipKart and Amazon have invested hundreds of millions dollars to expand and improve their operations in India. And now comes this news that Snapdeal has snagged $200 million in a fresh round of funding from Canada’s Ontario Teacher’s Pension Fund and Iron Pillar according to LiveMint. SnapDeal’s valuation is now $6.5 billion according to The Wall Street Journal.
Snapdeal was founded in 2010 by Kunal Behl and Rohit Bansal. In 2011 the startup landed its first two investment rounds of $55 and there has been no looking back since then. Snapdeal, which is owned by Jasper Infotech has so far raised $2 billion in investments according to The Economic Times.
Snapdeal and FlipKart have yet to make a profit. Amazon with its deep, deep pockets is infusing a lot of capital to capture a valuable slice of the Indian e-commerce space.