Snapdeal.com, the biggest deals & discount internet company in India has closed $40M as series B investment led by Bessemer Ventures and existing investors Nexus Venture Partners and IndoUS Ventures also participated in this round. As per Kunal Bahl, Founder & CEO of Snapdeal this investment seems to be the largest Venture capital infusion in an internet company in a single round.
Interestingly Snapdeal has raised $12M in the month of January fron Nexus Venture Partners and IndoUS Ventures, thus total investment raised by Snapdeal has touched $52M. Earlier it was reported by Economic Times that Snapdeal is in talks with Bessemer Ventures and existing investors to raise 200Cr at 1000Cr Valuation.
Snapdeal claims to be adding 1.5M new users every month, their merchant base has crossed 30,000 and their deals and discount are available in over 50 cities in India. Snapdeal plans to expand its team and would like to take it upto 800 within this year.
Lets take a look at their monthly traction:
Avg time on site
Couple of months back Snapdeal introduced voucher of phone service. The new service allows users of snapdeal to avail deals bought from the website without having to carry a print out of the deal. The transaction is carried out through the SMS message that the customer gets on the registered mobile number after buying a deal. This initiative has given good results to the company catering to the 30% of its user base which access deals on their mobile.
In June 2010 Snapdeal has acquired Bangalore based deal startup Grabbon.