Startups

Co-founder Kunal Bahl and Rohit Bansal, and Nexus Venture Partners invest 113 crores in Snapdeal’s parent company

Snapdeal’s parent company Jasper Infotech Pvt Ltd has raised about Rs 113 crore from Nexus Venture Partners and its co-founders Kunal Bahl and Rohit Bansal.

According to the regulatory filing with Ministry of Corporate Affairs, Nexus Venture Partners invested Rs 96.26 crore in this round and was given 14,810 preference shares, while Bahl and Bansal contributed Rs 8.45 crore each and allotted 1,300 Series J preference shares separately.

Co-founder Kunal Bahl and Rohit Bansal, and Nexus Venture Partners invests in 113 crores in parent company

According to a source close to the board, the raised fund is allocated for the Unicommerce, a platform for e-commerce sellers to track orders across marketplaces, which is owned by Jasper Infotech.

Unicommerce, an e-commerce management software, and fulfillment solution provider was co-founded in 2012 by three IIT Delhi alumni, which was acquired by Snapdeal, for an undisclosed amount, in early 2015.

During the acquisition, Unicommerce also counted Nexus Venture Partners as its primary investor.

In the last couple of month, Snapdeal was facing a cash crunch. The company had also faced some allegation from the sellers and its employees. In a bid to control the cost, the company has shut down the non-core operations and extra workforce.

The development comes at a time when Flipkart is undertaking its due diligence to acquire the rival company.

In the last couple of week, it was said that SoftBank has managed in getting Board members to agree to the said sale and a term sheet for due diligence with Flipkart has been also signed. However, it has not yet confirmed from any of them.

The deal between Snapdeal and Flipkart, if completed, would mark the biggest acquisition in the Indian e-commerce space.

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