India-based e-commerce site Snapdeal has closed a $100m funding round featuring mobile software producer Myriad.
Other investors in the round included hedge fund Tybourne, investment firms PremjiInvest and BlackRock, and the Singaporean state-backed firm Temasek Holdings.
Snapdeal is backed by e-commerce company eBay and Intel Capital, the corporate investment arm of chipmaker Intel, both of which invested in a $133.7m series F round for Snapdeal in February 2014 that also included Saama Capital, Nexus Venture Partners, Kalaari Capital and Bessemer Venture Partners.
In August 2013 Snapdeal received $75m from telecommunications company Softbank, after Russia-based technology company Ru-Net joined Intel Capital and eBay in a $75m series D round four months before. In total, Snapdeal has now gathered over $400m in funding.
Kunal Bahl, Snapdeal chief executive, said: “We see this financing round as another endorsement of Snapdeal’s differentiated strategy and progress as India’s largest online marketplace. We are pleased to welcome several marquee global investors as our partners and believe their association will contribute to Snapdeal’s long-term success.”
As the number of people in India with an internet connection continues to increase, so does the potential market for Snapdeal. It is estimated that in the next five years the e-commerce market in the country will be worth $22bn.
According to a report on TechCrunch, the funding will be used in part by Snapdeal for various acquisitions.