Millennium Post

Ratan Tata picks up stake in Snapdeal

Former Tata Group Chairman Ratan Tata has picked up a small stake in Snapdeal as the homegrown online marketplace aims to scale the $2 billion gross merchandise value (GMV) milestone by March next year. The city-headquartered firm today said that Tata, who is now Chairman Emeritus of Tata Sons, has made a “personal investment” in the company.

Snapdeal co-founder and CEO Kunal Bahl SAID, ‘Mr Tata has invested in his personal capacity. He has an immense stature and me and my team can learn a lot from him.’ Bahl, however, declined to comment on the investment details.

Another noted industrialist and IT czar Azim Premji has also invested in the firm through Premji Invest. Snapdeal had raised $100 million (about Rs 600 crore) in May from Temasek, BlackRock Inc, Myriad, Premji Invest and Tybourne while in February it had received funding worth $133.7 million (Rs 830 crore) from its existing investor, eBay and others.

Snapdeal, which has raised about $400 million since its inception, has invested about $100 million in logistics and operations to expand its presence in the $3 billion Indian e-commerce market. The e-commerce entity currently houses over 5 million products across 500 diverse categories from over 50,000 seller and has about 25 million registered users.

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