Snapdeal valued at $6.5 billion after raising $200 million fresh funds

Zee Media Bureau

New Delhi: India’s second largest e-commerce firm Snapdeal has raised USD 200 million in a fresh funding round led by Canada`s Ontario Teachers` Pension Plan, the company said.

The latest fund-raising follows USD 500 million raised last August in a round led by Alibaba Group Holding , SoftBank Group Corp and Foxconn.

With the latest round of funding, the company has been valued above USD 6.5 billion. This makes it the second most valued ecommerce company after Flipkart, which has been valued around USD 15 billion.

The e-commerce market in India is expected to grow to USD 220 billion in the value of goods sold by 2025, from an expected USD 11 billion this year, Bank of America Merrill Lynch said in a recent report.

With Agency Inputs