Snapdeal bags $200 million from Canada’s OTPP

Snapdeal bags $200 million from Canada’s OTPP

Indian e-commerce firm, Snapdeal said it has bagged $200 million in recent funds round headed by Canada ‘s Ontario Teacher’s Pension Plan  (OTPP). Venture Capital Fund Iron Pillar and other investors also took part in recent round.

In August, Snapdeal bagged $500 million from Chinese company Alibaba group, Foxconn Technology Group and present investor SoftBank Group which valued the e-commerce firm at $4.8 billion.

The company hadn’t disclosed the present valuation. “We continue to make targeted investments in building internal and external capabilities that will enable us to consistently deliver optimal experience for the millions of buyers and sellers who transact daily on Snapdeal,” said Anup Vikal, chief financial officer, Snapdeal.

Set up in 2010 by Rohit Bansal and Kunal Bahl, it is promoted by New Delhi based Jasper Infotech Pvt Ltd and have become biggest local rivals to FlipKart.

The company has over 275,000 sellers and above 30 million items. It presently provides goods to over 6,000  towns and cities in India.

Ontario Teacher’s pension plan is Canada’s largest single profession pension plan with $154.5 billion in its net assets. Iron Pillar is a venture capital fund focused on mid-stage technology companies in India. The fund backs consumer and enterprise technology companies post series A.

The company’s other investors include Intel Capital, Premji Invest, Ratan Tata and Bessemer Venture Partners.

The Snapdeal parent firm Jasper Infotech inform the losses had widened to Rs 1,328.01 crore for year ending 31 March from Rs 264.6 crore in 2014 as it shall be spending heavily in maintaining it’s market share from aggressive growth from Flipkart and Amazon.