India-based e-commerce company Snapdeal, backed by telecom company Softbank, e-commerce company Ebay and semiconductor manufacturer Intel, is in talks to raise a further $400m from new investors, VCCircle reported Friday.
The names of potential investors have not been disclosed, but reportedly include international hedge funds.
Snapdeal has raised more than $1bn to date, with Softbank’s October 2014 accounting for more than half at $627m. The telecom company obtained a 30% stake in exchange for its equity investment.
Other investors in Snapdeal include internet company Ru-net, Saama Capital, Nexus Venture Partners, Kallari Capital, Bessemer Venture Partners, Myriad, Tybourne, PremjiInvest, Black Rock and Temasek, an investment company owned by Singapore’s government.
If Snapdeal closes the round, it would value the company at $4.5bn, more than double its $2bn valuation at the time of Softbank’s investment.
Launched in 2010, Snapdeal was originally an online deals site, but changed into a horizontal e-commerce company in 2011.