Ratan Tata, Chairman Emeritus of Tata Sons, has made a personal investment in Indian online retailer Snapdeal. The terms of the deal were not disclosed.
The investment comes a day after Snapdeal had tied up with Tata Value Homes to sell apartment units across five cities (Bangalore, Chennai, Pune, Mumbai and Ahmedabad). “This is a proud and exciting moment for the entire Snapdeal family. An investment by a legendary and respected figure like Mr. Tata is an excellent validation of our focused strategy on building a long-term enterprise, and marks the start of a very important phase for the company,” Kunal Bahl, co-Founder of Snapdeal.com, said in a statement.
The four-year-old firm has seen 600 per cent growth year-on-year for the last two years, and now houses over five million products across 500 plus diverse categories from over 50,000 sellers. The firm has reached $1 billion in gross merchandise sales. Snapdeal had raised over $233 million in funding this year from investors such as eBay Inc, Singapore-based Temasek and Azim Premji’s family office Premji Invest.