Snapdeal, an e-commerce platform, is reportedly in a discussion with SoftBank, along with other investors, to raise around $100 million (approx INR 716 crore) funding, reported Inc42.
According to the sources, SoftBank, which is also an existing investors in Snapdeal, is committing around half of the amount that former is planning to raise with this round.
Currently, Snapdeal is said to have on-boarded Bank of America Merrill Lynch as its investment adviser and is in talks with other Indian and international investors to join the round, the sources further revealed.
Recently, Snapdeal had announced to set up three separate online stores offering pooja essentials for Karva Chauth, Dhanteras and Deepawali.
For details: Snapdeal to set up three separate online stores to offer pooja essential amidst festive season
If the talks between the Snapdeal and SoftBank, including other investors, turned into a solid deal, then the funding round is speculated to value the e-commerce platform between $800 million and $1.2 billion.
Snapdeal was founded by Kunal Bahl and Rohit Bansal in 2010. Snapdeal provides an online marketplace offering various products across different categories like electronics, mobiles, books, fashion, and computers, among others.
The source further explained that the Snapdeal is not looking to compete with Amazon and Flipkart for market share and inventory range, it’s looking to target Tier 3 and lower markets, which has also the focus of Amazon and Flipkart in 2018.
Other than Snapdeal, other e-commerce platforms, giving a tough competition include Amazon, Flipkart, Myntra, Jabong, Shopclues.com, and many more.