Snapdeal Raises $200 Million From Ontario Teachers' Pension Plan and Iron Pillar

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Snapdeal Raises $200 Million From Ontario Teachers' Pension Plan and Iron Pillar

E-commerce firm Snapdeal announced on Sunday that it has raised $200 million (roughly Rs. 1362 crores) in funding in a round led by Canada's Ontario Teachers' Pension Plan (OTPP), with participation from Iron Pillar and other investors.

Snapdeal had previously raised $500 million (roughly Rs 3,405 crores) in funding led by Alibaba Group, Foxconn, and SoftBankin August 2015 at a valuation of $4-5 billion. Its acquisitions in 2015 include payments service FreeCharge, RupeePower, Unicommerce, MartMobi, Fashiate, LetsGoMo Labs, and Reduce Data. It also invested $20 million in GoJavas, a third party logistics player in October 2015.

In an emailed statement, Anup Vikal, CFO, Snapdeal said that the latest fundraise was a continuing endorsement of the company's strategy to build India's most reliable and frictionless commerce ecosystem.

"We continue to make targeted investments in building internal and external capabilities that will enable us to consistently deliver optimal experience for the millions of buyers and sellers who transact daily on Snapdeal," he said.

Snapdeal said it has 275,000 sellers and, over 30 million products on its marketplace. It currently delivers to over 6000 cities and towns in India.

Ontario Teachers' is Canada's largest single-profession pension plan with $154.5 billion in net assets. Iron Pillar is a venture capital fund focused on filling the gap for mid stage technology investments in India.

Founded in 2010, Snapdeal's investors include BlackRock, Temasek, eBay Inc, Premji Invest, Intel Capital, Bessemer Venture Partners, and Ratan Tata, among others.

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