Snapdeal issues stock to founders and Nexus

Indian ecommerce player Snapdeal, which has off lately been struggling with losses and acquisition issues, has secured Rs113 crore of funds in an emergency financing round from its existing investor Nexus Venture Partners, and founders Kunal Bahl and Rohit Bansal, says a Livemint report.

Nexus, which was one of the earliest investors in Snapdeal, has invested Rs96.26 crore in this funding, says documents with the Registrar of Companies. Bahl (CEO) and Bansal (COO) have contributed Rs 8.45 crore each.

India’s largest ecommerce company Flipkart has already signed a binding term-sheet to acquire Snapdeal, and the deal is expected to go through in the next few days.