India’s Snapdeal Raises $40 Million in Series B Funding

Snapdeal, the New Delhi-based daily deals site has reportedly raised $40 million in series B funding. The round was led by Bessemer Venture Partners, with previous investors Nexus Venture Partners and IndoUS Venture Partners also participating. This latest round brings Snapdeal’s total investments to $52 million.

Snapdeal raised $12 million this past January and according to Rip Empson from TechCrunch:

To see a sizable series B from existing investors come so soon after closing its series A is somewhat unusual. Of course, when you consider that Snapdeal has grown its 300-person staff to 500 and jumped from 1 million to 8 million members over a matter of six months, one starts to understand why. Snapdeal is scaling quickly, and this new infusion of capital will likely give it the cushion it needs to continue pushing into new markets.

The site is currently available in 50 markets across India and Kunal Bahl, CEO of Snapdeals says the site is seeing approximately 1.5 million new members a month.

You can read Rip Empson’s article about Snapdeal in its entirety on TechCrunch.