TIL Desk/Business/New Delhi/ Snapdeal on Tuesday said Piramal Group Executive Director Anand Piramal has made an investment in the e-commerce company. The investment has been made by Piramal in his personal capacity, Snapdeal said in a statement.
However, details of the investment and the valuation of Snapdeal post the transaction were not disclosed. Anand’s investment comes as a significant endorsement for Snapdeal and the transformation the company has undergone over the last couple of years, Snapdeal co-founder and CEO Kunal Bahl said.
“His appreciation for what it takes to build a company with growing revenues with good economics in a competitive market comes from his own experiences of building and operating large companies in competitive sectors like real estate and financial services,” he added.
Snapdeal, which at its peak was valued at USD 6.5 billion around 2016, had raised funding from giants like SoftBank, Chinese e-commerce giant Alibaba and Canadian pension fund Ontario Teachers Pension Plan (OTPP).
