Ratan Tata, former chairman of Tata Sons, has invested in the e-commerce platform Snapdeal. The Delhi-based firm had also said that it crossed $1billion in value of goods on the site.
"This investment by Tata, a renowned name in the Indian as well as global business circles, is of great significance to the company and stands testimony to the growth and success seen by the company in a short span of four years," Mint quoted Kunal Bahl, co-founder and chief executive of Snapdeal.
Snapdeal, however, did not reveal the amount invested by Ratan Tata. Earlier, the e-tailer firm had announced to join Tata Value Homes to sell apartment units of project across Bangalore, Chennai, Pune, Mumbai and Ahmedabad.
Snapdeal will offer online bookings of projects by the unit of Tata Housing Developing Co. Ltd. Customers would be able to book a house online by paying ₹30,000 on Snapdeal website from 28 August. Snapdeal has received around $400 million, according to Kunal Bahl.
"In last January, we had about a hundred million dollars in account. We have three times the money we have already spent." Bahl added.
The company has also launched a catering supplies segment lately, reported Economic Times.
Snapdeal's investors include Nexus, Bessemer, Intel Capital, Saama Capital, BlackRock, Temasek Holdings and eBay. It has over five million products across various categories from over 50,000 sellers.
On 29 July, Snapdeal's rival firm, Flipkart, had announced a $1 billion funding and a day later world's largest e-commerce platform Amazon said it will invest $2 billion to boost its business.