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SnapDeal raises $12 million led by Nexus Venture Partners, IndoUS Venture Partners

Jasper Infotech’s daily deal site SnapDeal.com has received a $12 million investment led by Nexus Venture Partners and IndoUS Venture Partners. The company plans to use the funds for organic as well as inorganic growth both for domestic and international markets.

Jasper Infotech’s daily deal site SnapDeal.com has received a $12 million investment led by Nexus Venture Partners and IndoUS Venture Partners. The company plans to use the funds for organic as well as inorganic growth both for domestic and international markets.

“For SnapDeal, we will be looking at expanding to international markets in South East Asia within the next two quarters. We will also be looking at launching another property under Jasper’s umbrella in the deal space by March 2011,” Kunal Bahl, CEO, Jasper Infotech, told AlooTechie.

Suvir Sujan, managing director, Nexus Venture Partners, said, “India is a country full of small and medium businesses offering consumer services and goods. SnapDeal is already emerging as the leading online couponing site in India for these local businesses in over 30 cities across India.”

SnapDeal.com claims to have acquired over a million subscribers since its launch in February 2010. According to the company, SnapDeal.com is growing at the rate of a new subscriber joining the site every 8 seconds. Recently, the company said that Carnation, which is Jagdish Khattar’s one-stop-shop retailer for cars, acquired more than 5,000 customers through SnapDeal in a span of 3 days.

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