Daily deal site SnapDeal.com has raised $40 million in series B funding from Bessemer Venture Partners, along with contributions from existing investors Nexus Venture Partners and IndoUS Venture Partners. According to Snapdeal founder and CEO Kunal Bahl, this is the largest single round of private investment in an internet company in India to date, reports TechCrunch.
Kunal Bahl says that with the new capital, SnapDeal plans to continue expanding into hyperlocal markets across the subcontinent. Bahl further said that the company has plans to expand its staff to 800 by the end of the year and is allocating a good deal of its time to training and grooming its staff.
SnapDeal’s new round adds to the $12 million it raised back in January 2011 from Nexus and IndoUS, bringing total investment to $52 million. SnapDeal has grown its 300 person staff to 500 and jumped from 1 million to 8 million members over a matter of six months. SnapDeal currently operates across 50 cities in India retailing 10,000 brands, averaging at 1.5 million new members per month.
Related Tags:Daily deal site, series B funding from Bessemer Venture Partners, IndoUS Venture Partners