Ratan Tata makes e-commerce foray as Snapdeal.com has claimed that the former TATA Groups chairman has made a personal investment in the company however did not disclose the amount. Snapdeal co-founder and CEO Kunal Bahl also confirmed Ratan Tata's personal investment and added that it will boost the company in many folds.
Snapdeal has seen 600 percent growth year-on-year for the last two years and has raised about $400 million since its inception, has invested about $100 million in logistics and operations to expand its presence in the $3 billion Indian e-commerce market. The industry folks say that Tata has invested close to USD 400 million in Snapdeal.
The announcement of Snapdeal and Tata collaboration came a day after the e-commerce portal had a partnered with Tata Value Homes Ltd to sell its flats online. Snapdeal will cover Tata's seven housing projects with more than 1,000 units on sale in cities such as Mumbai, Pune, Ahmedabad, Bangalore and Chennai.