Snapdeal To Raise Rs 200Cr At Rs 1000Cr Valuation
Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners are in advanced talks to invest Rs.200 crore in Jasper Innovative Marketing Solutions, the owner of the group buying site snapdeal.com. The deal values the firm at about Rs.1,000 crore according to The Economic Times.
The funds will be used to expand Snapdeal's operations besides recruiting people and offering new products to customers. Nexus and Indo-US invested about $12 million in a deal reported in January this year, but this will be Bessemer's first investment in the company.
Snapdeal offers one deal per day, across 50 cities in India. Customers can avail of the discount through a voucher which is emailed to them. The company has signed up with more than 30,000 merchants and offers discounts for fine dining, movie tickets, shopping at the top brands, beauty and health packages, travel packages and consumer good items. The company claims it has 6 million registered members as of now.
Snapdeal had earlier launched an m-coupons facility with an investment of $0.5 million that enabled consumers who buy deals to use the text message sent to their registered mobile number to avail the offers at the point of sale. The company's direct competitors in India include sites like Groupon owned SoSasta, KhojGuru, DealsAndYou and BuzzInTown, among others.