Snapdeal looking to raise $100 million from SoftBank, other investors

MUMBAI - Indian online retailer Snapdeal is looking to raise just over $100 million from existing shareholders including Japan's SoftBank and new investors, its chief financial officer said.

The company, which last year lost its second place in India's fiercely competitive online retail market to Inc, aims to become profitable in two years but faces falling cash reserves.

CFO Anup Vikal said Snapdeal has enough cash for this year, after sources told Reuters last month that the company was seeking investment to shore up its finances after unsuccessful talks with Chinese funds and existing investor Alibaba Group Holding Ltd.

"About a $100 million plus is what we need, until we start being independent," Vikal told Reuters in an interview late on Monday.

Vikal said some of Snapdeal's existing investors including SoftBank, its largest backer, were willing to participate in the fundraising.

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