Ratan Tata, former chief of Tata Group and currently chairman emeritus of Tata Sons, has invested an undisclosed amount in Delhi-based online marketplace Snapdeal.com.
Ratan Tata, former chief of Tata Group and currently chairman emeritus of group’s holding company Tata Sons, has invested an undisclosed amount in Delhi-based Jasper Infotech Pvt Ltd, which runs the online marketplace Snapdeal.com.
“This is a very proud and exciting moment for the entire Snapdeal family. An investment by a legendary and respected figure like Tata is an excellent validation of our focused strategy on building a long term enterprise and marks the start of a very important phase for the company,” said Kunal Bahl, co-founder and CEO, Snapdeal.com.
Earlier this month, Tata had mentioned that e-commerce is one of the areas where is he looking to personally invest because of its ‘good potential’ as a large proportion of the country’s consuming public do not have the required access to goods.
“I plan to do personal investments and am looking into a variety of areas to do that and e-commerce is one of them. E-retailing today is one of the hottest forms of marketing and has a good potential in the country as 500 to 600 million people of the country are the consuming public,” he had said at the time.
Snapdeal had raised its last round of funding in May this year, securing $100 million (Rs 590 crore) in fresh round of funding from a group of new investors including US-based BlackRock Financial Management, Singapore’s sovereign wealth fund Temasek, Hong Kong-based Myriad Asset Management and Tybourne Capital Management, besides PremjiInvest, the personal investment vehicle of Wipro chairman Azim Premji.
Snapdeal currently offers over five million products across more than 500 categories. The company claims to have over 25 million members and 50,000 sellers, and is delivering to 5,000+ cities and towns in India. It further claims to have witnessed 600 per cent growth year-on-year for the last two years. The current team size is 1,500 employees.