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July 28, 2011 at 08:38 AM EDT
Snapdeal, India’s Fast-Growing eCommerce Platform, Raises $40 Million From Bessemer And More
As Groupon's business in India continues to hit snags , a homegrown daily deal company is quickly snatching up market share in the local deal space. New Delhi-based Snapdeals.com , which, like Groupon features daily deal coupons at discounted rates, announced today that it has raised $40 in series B funding from Bessemer Venture Partners , along with contributions with existing investors Nexus Venture Partners and IndoUS Venture Partners . According to Snapdeal Founder and CEO Kunal Bahl, this is the largest single round of private investment in an internet company in India to date.
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