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Ontario Teachers’ Pension Plan leads $200 million funding round in Snapdeal
Posted On: 18-02-2016 00:00:00 16

As per a report in Economic Times:

Ontario Teachers' Pension Plan, one of the world's largest pension funds and a new technology focused venture capital firm Iron Pillar, are leading a $200-million (Rs 1,367.6 crore) funding round in Jasper Infotech, which owns and operates online marketplace Snapdeal.com.

The round values the business between $6.5 billion and $7 billion, making it the second-highest valued startup in the country, after Flipkart, India's largest ecommerce company. This marks a significant upside in valuation for Snapdeal, which in its $500-million funding round in August last year, was valued at about $5 billion. Including this round, Jasper Infotech has raised almost $2 billion in funding from a list of marquee investors, including Japan's SoftBank, China's Alibaba Group and Taiwan's Foxconn.

Singapore-based Brother Fortune Apparel Pte Ltd has invested Rs 335 crore in the New Delhi-headquartered company, according to documents filed by the company with the Registrar of Companies. Brother Fortune is an entity that represents several Chinese high net-worth individuals, and was advised by Iron Pillar, the new venture capital firm focused on mid-market technology investments.

Additionally, Bennett, Coleman & Co Ltd, the publisher of The Economic Times, has also participated in the latest round, and has been issued 15,638 warrants estimated at Rs 25.49 crore. The total investment is estimated to be between Rs 250 crore and Rs 300 crore. Jasper has taken approval to issue 90,000 shares in the series-J transaction, which at the new share price, amounts to nearly a round of Rs 1,500 crore.

The development comes at a time when Flipkart has started talks with investors to raise about Rs 9,200 crore, at a valuation of between $15 billion and $18 billion. Separately, Paytm was reported to be raising an additional $400 million, primarily for its payment bank, which is expected to be launched in the latter half of 2016. India's ecommerce majors, which have been on a constant fund-raising cycle for the last 36 months, will need to keep raising fresh capital to fund their deep discounts, as they look to grab a larger slice of the Indian consumers' wallets, beef up their technology and back-end services. Amazon, which has identified India as its next major growth market outside the US, recently invested Rs 1,980 crore in its Indian unit, its largest major capital infusion in its domestic venture, and which follows the Rs 1,696 crore invested in the same in December 2015.

 
 
 

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