Snapdeal says not in immediate need to raise money

Snapdeal, the e-commerce firm, 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 backed company trails Flipkart in India's $12 billion online shopping market, with Amazon'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 has not yet used that money. "(We) don't have to raise money now just because it is fashionable," he said.

(Reuters)