SnapDeal announced today that it has closed a series B venture capital funding of $40 million USD by Bessemer Venture Partners, Nexus Venture Partners and IndoUS Venture Partners. Nexus Venture Partners and IndoUS Venture Partners are existing investors in the company.
SnapDeal is growing rapidly and has increased its staff strength of 300 to 500 in less than 6 months. The company plans to expand its employee strength to 800 by end of this year. Its user base has also jumped from 1 million to 8 million. It is currently adding about 1.5 million new members every month. Given the scale of expansion, it is not surprising that this investment comes within 6 months of previous funding. The total investments raised by SnapDeal till date stand at $52 million USD.
SnapDeal plans to use these funds to expand into new markets. It already has operations in 50 cities across India.