Snapdeal eyes new financing deal
Japanese Internet conglomerate SoftBank, eBay and a clutch of private equity investors had been looking to pump in around USD150 to USD200 million fresh funds. The new funds would be pumped into the domestic online marketplace Snapdeal. The California based eBay had picked up under 10% stake in Snapdeal earlier this year. eBay was keen on increasing its holdings in the company, reported The Economic Times.
On the other hand, SoftBank had been negotiating a deal to top up the USD50 million Snapdeal raised from eBay and existing investors. This included Bessemer Venture Partners and Nexus Ventures earlier this year. Other investors in the company included Intel Capital, Saama Capital and Russian venture fund ru-Net.
According to sources, eBay's last round of funding valued Snapdeal at around USD200 million. Meanwhile, a deal for a bigger stake in the company could see its valuation go up to USD750 million, reported The Economic Times.