Snapdeal has just become the second Indian internet firm to cross funding milestone of raising over $1 billion. With Japan’s SoftBank leading a large funding round and putting $627 million alone, Snapdeal is now well capitalised to take on the might of Amazon and much heavily funded peer Flipkart. Techcircle.in fired some quick questions to Kunal Bahl, co-founder & CEO of Snapdeal, on the latest deal, revenue milestone for the company and strategy. Edited excerpts:
Would it be fair to assume that a majority of the new funding will go to meet cash burn including marketing?
As of now, we are looking at investing $250 million in technology and building the brand.
Your top two competitors Flipkart and now Amazon have an affiliate in-house vendor on their site. Do you have some plans of having a similar model going forward?
Snapdeal.com has always been and will continue to be a pure marketplace. We already have over 50,000 businesses listing their products on Snapdeal.com and aim to take this figure to 1 million within the next three years.