Snapdeal in talks to raise 100 million

BENGALURU: Snapdeal is in talks to raise about $100 million from new and existing investors, including Japan’s SoftBank, in what will be its first major fresh capital-raise in over three years, said two sources briefed on the matter. The Delhi-based company, which went through a pivot to focus on smaller towns and unbranded goods after its failed acquisition by Flipkart in 2017, has told new potential investors that SoftBank is committing to half of the round.
Snapdeal is working with Bank of America Merrill Lynch as its adviser and talking to both local and global investors. The discussions between Snapdeal and various investors are happening at a valuation ranging from $800 million to $1.2 billion, said the two sources mentioned earlier, and the final number could change. The company is currently doing net revenue of about $140 million.
Snapdeal had last raised a large round of fresh capital in February 2016 from investors, including Ontario Teachers Pension Plan, which valued the company at about $6.5 billion.