Jasper Infotech Pvt. Ltd, a parent company of Snapdeal, has received more than $21 million from Luxembourg-based firm Clouse SA as part of its Series J round of funding round announced in February this year. The money was allotted on 10 August.

In February, In February this year, Snapdeal announced it was raising $200 million in fresh funds from Ontario Teachers' Pension Plan and funds advised by venture capital firm Iron Pillar. Brother Fortune Apparel Pte Ltd, an investment body that represents several Chinese high net-worth individuals, had made an entry on to the company's investment cap table by investing about Rs 335 crore in Snapdeal.

The money received by Snapdeal this month is part of the same round and appears to be coming in tranches.

BlackRock Science & Technology Opportunities Portfolio, a mutual fund run by the financial services giant BlackRock, valued Snapdeal preference shares at an estimated $24,583.2 per share, as of 30 June, according to a filing with US Securities and Exchange Commission on Wednesday.

Additionally, last month, Ebay, another early investor in Snapdeal, had disclosed in a Securities and Exchange Commission filing that it had sold a part of its Snapdeal stock in the second quarter of 2016. While the company did not share exactly how much it had off-loaded, it did state that transaction had taken place over two tranches.

The latest funding announcement comes at a time when Snapdeal has struggled to keep pace with it closest rivals Flipkart and Amazon India.

According to a report by Mint earlier this week, Snapdeal reported a fall of more than 50% from the sales it had been generating until the end of last year. This was lower than what rivals Flipkart and Amazon reported.

While Flipkart reported gross sales or gross merchandise value (GMV) of less than Rs.2,000 crore, Amazon India’s gross sales increased to more than Rs.2,000 crore .

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.