India’s emerging e-commerce industry has got a boost as Ratan Tata has invested in home-grown e-tailer Snapdeal in his personal capacity. Earlier, Azim Premji of Wipro and Narayana Murthy of Infosys had invested in this $3 billion sector.
However, Tata and Snapdeal have refused to disclose the investment amount.
Ratan Tata is the Chairman emeritus of Tata Sons, which is a holding company of $103 billion Tata Group.
“This is a very proud and exciting moment for the entire Snapdeal family. An investment by a legendary and respected figure like Mr Tata is an excellent validation of our focused strategy on building a long term enterprise and marks the start of a very important phase for the company”,said Kunal Bahl, co-founder & CEO of Snapdeal.
Flipkart and Amazon are the close competitors of Snapdeal in India. Flipkart has recently received $1 billion, and Amazon $2 billion investment. The Tata investment gives Snapdeal a boost in this environment.