Snapdeal, which in March bought a 20% stake in GoJavas for Rs.120 cr, will now hold 42% of the logistics firm.
Snapdeal, owned by Jasper Infotech Pvt. Ltd, has infused Rs.117 crore of fresh capital into logistics firm GoJavas, making the online marketplace single largest shareholder in the company, official documents show.
Snapdeal, which in March bought a 20% stake in GoJavas for Rs.120 crore, will now hold 42% of the logistics firm, according to documents filed with the Registrar of Companies.
The official filings indicate that Snapdeal has also bought some secondary stake in GoJavas during the last six months. Interestingly, the deal values GoJavas at Rs.600 crore, the same price at which the last fund raising was done nearly six months ago. It is a sign that the days of eye-popping valuations for India’s e-commerce start-ups may be nearing an end.
The money raised in the current round will be used towards working capital and business development, according to the documents.
Snapdeal picked up a stake in GoJavas in March as part of a strategic agreement to ensure it has a long-term partner for last-mile delivery that will help build capacity for the future. Snapdeal founders at that moment had denied any plans of an eventual buyout of GoJavas.
