Snapdeal.com raises US$ 100 million
Snapdeal announced today that it has completed a new round of equity financing of US$ 100 million. The investors in this financing include funds managed by Temasek, BlackRock Inc., Myriad, Premji Invest and Tybourne.
“We see this financing round as another endorsement of Snapdeal’s differentiated strategy and progress as India’s largest online marketplace. We are pleased to welcome several marquee global investors as our partners and believe their association will contribute to Snapdeal’s long-term success. Our mobile and internet commerce marketplace is now connecting millions of buyers to a very large base of sellers that offer products and services of national and international brands. We will continue to focus on creating life changing experiences for the buyers as well as sellers in the Snapdeal ecosystem.” said Kunal Bahl,Snapdeal’s Co-founder and CEO.
This financing follows Snapdeal’s previous round of equity financing of US$ 133.77 million that was completed in February 2014 with participation from Snapdeal’s existing investors including eBay Inc., Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital.
Credit Suisse acted as Snapdeal’s exclusive financial advisor and Indus Law acted as Snapdeal’s legal advisor for the financing.
Incorporated in 1974, Temasek is an investment company based in Singapore. Supported by 11 offices globally, Temasek owns a S$215 billion portfolio as at 31 March 2013, with over 70% of its underlying assets in Asia (including Singapore). Temasek’s portfolio covers a broad spectrum of industries: financial services; transportation, logistics and industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources. Total shareholder return since inception in 1974 has been 16% compounded annually. The company has had a corporate credit rating of AAA/Aaa since its inaugural credit rating in 2004, by rating agencies Standard & Poor's and Moody's respectively. Temasek's investment themes centre on: Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions.
Established in 2011, Myriad Asset Management is a Hong Kong-based independent asset management company. Myriad invests across the corporate capital structure with a focus on Equities, Convertible Bonds, Credit and Equity Derivatives; seeking to maximize risk-adjusted investment returns from the investment opportunities throughout the Asia Pacific region as well as other parts of the globe, while emphasizing capital preservation. Assets under management are currently around US$ 3 billion.
Premji Invest is an investment office of Azim H Premji (Chairman, Wipro Limited). Premji Invest is a multi-strategy firm making concentrated investments with a longer term horizon in sectors that underpin India's growth. Premji Invest seeks to partner with companies and management teams that can leverage growth opportunities with strong execution and integrity.
Founded in 2011, Tybourne Capital Management is an equity focused investment management company, investing mainly in equity securities across four sectors: Consumer, Telecom, Media & Technology, Financial Services and Industrials. Tybourne’s investment mandate covers both the public and private markets but within the confines of the four sectors. The focus is primarily on Asian themes but the canvas is global. Tybourne’s investment approach to security selection is based on extensive, fundamental, bottom-up research and analysis, with an aim to generate superior compound annual returns over time. Headquartered in Hong Kong, the company currently manages 2 funds with aggregate assets under management of approximately US$ 2.4 billion.