E-retailers, ‘Snapdeal’ has said it would not raise money just because it is “fashionable”.Snapdeal, which received 627 million US Dollar funding from Japan’s SoftBank last year, said it still continues to receive investors’ interest.
“We have enough capital. In fact, we have used a fraction of the amount that we have raised. We don’t have to raise money now just because it is fashionable,” Snapdeal co-founder and CEO Kunal Bahl told the media in New Delhi recently.
“We have used our funds in a very efficient manner. Raising money is a full time job and we want to focus on our business. We want to bring entrepreneurs on board (who have products and solutions) because in the long term that will help sustain the business,” he said.
Snapdeal claims to have over 40 million registered users and one lakh sellers on board.It competes with other e-commerce players like Flipkart and Amazon.
