Snapdeal raised $40 Million in Series B Funding

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New Delhi: New Delhi-based Snapdeal, a group-buying portal, has raised $40 million in series B funding led by Bessemer Venture Partners. The existing investors Nexus Venture Partners and Indo-US Venture Partners also participated in the funding.

They had raised $12 million in series A funding in January this year from Nexus Venture Partners and Indo-US Venture. The increase demand of the e-commerce segment and the increase in the number of registered user-base in Snapdeal, which rose from one million to eight million in just six months, grabbed the attention of the investors. The head count of the company also raised from 300 to 500 in this short span of time.

Snapdeal is a product of Jasper, which is a leading marketing company in India. The company was founded by marketing, technology, retail and analytics professionals to address the need of high quality, cost-effective customer management for consumer brands.

Kunal Bahl, CEO and Co-Founder, Snapdeal, said that they have recently launched a product 'Deals Near Me' on its website, which will provide more localized deals to the customers. Bahl manages the strategic vision, key business relationships, fundraising and growth plans for Jasper. He is an engineer from University of Pennsylvania, with a business degree from The Wharton School and an executive marketing program at Kellogg School of Management. His prior experience includes product management and business development with Microsoft's emerging markets group and at Deloitte Consulting as a consultant in the company's telecom practice in New York and Pennsylvania.

The company operates in 50 cities in India and has collaboration with over 10,000 brands and retailers across various categories. In the initial phase, it was launched as retail lifestyle services, but later diversified into branded products, electronics, fashion accessories and travel.

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