E-commerce company SnapDeal.com has raised $40 million from global PE firm Bessemer Venture Partners and existing investors Nexus Venture Partner and IndoUS Venture Partners.
This is Bessemer's first investment in the Internet company, while Nexus Venture Partners and Indo US Venture Partners had earlier invested about $12 million into the company in January.
“This investment will help us expand our products business, further strengthen the local and national merchant deals vertical and introduce various innovations to enhance consumer and merchant convenience,” said Mr Kunal Bahl, CEO of Snapdeal.com.
Accordingly, the company plans to also expand its team from the current 500 to 800 by the year-end, recruiting largely sales and marketing professionals.
SnapDeal.com features discount offers everyday on dining, health and beauty, entertainment, travel and branded products.