India's Snapdeal says not in immediate need to raise money
NEW DELHI (Reuters) - Indian e-commerce company Snapdeal.com is not looking to raise money immediately and is well capitalised for the next couple of years, a top executive said on Tuesday.
The SoftBank Corp backed company trails Flipkart in India's $12 billion (8 billion pounds) online shopping market, with Amazon.com Inc's India unit close behind in third place, as measured by gross merchandise volume.
Snapdeal raised $627 million from Japan's SoftBank in October last year.
Chief Executive Kunal Bahl said Snapdeal had not yet used that money yet. "(We) don't have to raise money now just because it is fashionable," he said.
(Reporting by Aditi Shah in New Delhi, Nivedita Bhattacharjee in Mumbai; Editing by Prateek Chatterjee)
