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Snapdeal is a company operating an online marketplace for products such as mobile devices, electronics, apparel and accessories that is headquartered in Gurgaon, India and was founded in 2010 by Kunal Bahl and Rohit Bansal. The company claims of their website to be "India's fastest online shopping destination".
On January 25, 2011 Snapdeal completed their series A funding round with $12 million in funding from Nexus Venture Partners and IndoUS Venture Partners. The company is planning on using their series A funding to expand their services into more cities and bring on new retailers onto their platform.
On August 1, 2011 Snapdeal completed their series B funding round with $40 million in funding from Bessemer Venture Partners (lead investor), Nexus Venture Partners and IndoUS Venture Partners. At the time of receiving their series B funding the co-founder of Snapdeal, Kunal Bahl, made the following statement regarding the company's series B funding:
The investment has been done at a valuation that’s forward looking. So now, we’ll have to lead the company into that valuation. The metrics have been good so far. Our investors have invested in other e-commerce ventures and they tell us that we’re the most profitable among that set.
