Snapdeal in-house grows by 50%, ends funding dry spell via Anand Piramal round without law firms

Snapdeal not yet out for count, and legal’s growing under GC
Snapdeal not yet out for count, and legal’s growing under GC

E-commerce player Snapdeal has expanded its in-house legal team by 50% to nine members, after hiring three in recent months, with its in-house team closing a fundraising round from Piramal Group executive director Anand Piramal without external legal advisers.

Both Snapdeal and Piramal handled the legal advice for the investment in-house, according to Snapdeal general counsel (GC) Smriti Subramanian, who had joined from OYO in 2018.

The valuation was not disclosed for the latest round of funding for Snapdeal, which is its first in two years in a competitive and expensive market dominated by the deep pockets of Amazon and Walmart’s Flipkart. That said, according to its recently released annual reports for 2018-19, Snapdeal has increased revenues by 87% to more than Rs 800 crores, and reduced losses to Rs 186 crores.

Under Subramanian, the Snapdeal in-house legal team has now grown to nine with a series of hires, according to a press release.

Earlier this month the company had hired Johnson and Johnson legal counsel and 2014 Delhi University LLB graduate Prankur Chaturvedi as associate director, to head contract and compliance.

He is also a 2011-qualified company secretary, and had previously worked at Cipla, Oyo and Johnsons.

Snapdeal has also also added former PSA Legal Counsellors senior associate Mansi Airi in the in-house team, to specialise in cross-border and domestic M&As and technology transfers.

In April, the dot-com had hired Flipkart head of litigation Vijay Srivastava to be in charge of international and domestic disputes at Snapdeal, specialising in consumer and trade disputes.

The Delhi University 2005 LLB graduate and qualified company secretary had worked at law firm The Legist, until 2014, before joining HCL Infosystems and LG Electronics, before moving to Filpkart in September 2018.

Late last year, company secretary Roshni Tandon had joined Snapdeal to oversee the corporate governance and secretarial team. Roshni has over a decade experience working with listed and unlisted companies across renewable energy and media sector.

Snapdeal GC Subramanian said that the company had built a “lean and dynamic team” of in-house lawyers in the “highly competitive e-commerce sector which finds itself in a challenging and evolving legal and regulatory environment in India”.

Comments

Rise of GC 24 Jul 2019, 06:50
+7 -0
No league table credits for law firms.
Rise indeed 24 Jul 2019, 09:58
+2 -2
Well, this is not new or unprecedented. Recently the Indigo inhouse legal team did just the same

https://barandbench.com/indigo-in-house-team-lakshmikumaran-gibson-dunn-orders-jet-engines-cfm-international/

And, if this catches a trend, fingers crossed for the future of pay deals for the law firms in M&A space.
Annonnn 24 Jul 2019, 07:58
+7 -0
Interesting that neither side involved law firms. In house legal teams often involve law firms in high stakes transactions as much for CYA as much for legal advice. Well done. But then maybe this was a much more vanilla funding.
Guest 24 Jul 2019, 14:45
+1 -4
What makes you think this was a large stake or large value round?
Annonnn 25 Jul 2019, 08:29
+1 -0
High stake buddy, not large stake.. and yes in a company of Snapdeal's stature, given their current investors, previous valuations, a new investment would have had many Is to dot and ts to cross.
Papaji 24 Jul 2019, 10:54
+3 -12
Finest legal brains are at Snapdeal Now. Watch out law firms......
Bolt from Blue 24 Jul 2019, 14:14
+24 -0
their inhouse legal team in any case must be extremely busy as this portal is notorious for selling counterfeit items !
Finally 24 Jul 2019, 17:09
+2 -1
Wasn't JSA's Sidharrth previously advising Snapdeal? What happened?
yeah 24 Jul 2019, 18:33
+4 -1
JSA isn't cheap. Makes sense to move smaller deals in-house only if you've got the manpower for it.
Cheap 25 Jul 2019, 18:02
+4 -2
JSA is certainly way cheaper than others. A first hand experience.
True 24 Jul 2019, 18:55
+10 -4
This is a fantastic thing. Corporate law isn't that mind boggling - and firms don't have to pay for simple deals. This had to stop - and it's great that it's stopping now.
Guest 25 Jul 2019, 11:07
+7 -0
Kian some analysis please....Is Softbank linking this to their potential investment in Piramal that's been in the news....? Can you help join the dots, if any?
Reality 25 Jul 2019, 17:21
+2 -2
When a company needs funds, who needs good legal advise or law firms to negotiate best deal for you. Money rules....
Guest 26 Jul 2019, 07:48
+1 -1
Piramal os already wasting money on Snapdeal, why further waste money on lawyers. Good money against bad money.
Guest 7 Aug 2019, 08:43
+2 -0
Kian why was my coment about [...] being able to do this deal in his sleep not published? It was a perfectly benign compliment to a super lawyer and all round nice guy.