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Tata stake in Snapdeal

Tata: New options

New Delhi, Aug. 27: Ratan Tata, chairman emeritus of Tata Sons, has made a personal investment in online marketplace Snapdeal.com.

The news comes days after Tata said e-commerce was one of the areas where he was looking to personally invest because of its “good potential”.

“Tata has made a personal investment in the company,” Snapdeal co-founder and CEO Kunal Bahl said.

“An investment by a legendary and respected figure such as 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 and stands testimony to the growth and success that we have seen in a short span of four years.”

On Tuesday, Snapdeal.com had entered into a partnership with Tata Sons’ affordable housing arm Tata Value Homes to sell apartments on its e-commerce platform.

As part of the partnership, about 1,000 homes across seven projects in Mumbai, Pune, Ahmedabad, Bangalore and Chennai will be put up for sale on Snapdeal.

Snapdeal has raised about $400 million since its inception. It has invested around $100 million in logistics and operations to expand its presence in the $3 billion Indian e-commerce market.

Snapdeal has seen 600 per cent growth year-on-year for the last two years, Bahl said. It houses over 5 million products across 500 diverse categories from over 50,000 sellers.

The company had raised $100 million in May from Temasek, BlackRock, Myriad, Premji Invest and Tybourne. In February, it had received $133.7 million from its existing investors, including eBay.

 
 
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