Snapdeal raises $500 mn investment from Alibaba, SoftBank and Foxconn

China’s Alibaba Group Holding, Japan’s SoftBank Group Corp and Foxconn will lead an investment of $500 million in India’s Snapdeal, the online marketplace said on Tuesday, as it seeks to expand in the country’s fast growing ecommerce sector. The move is a vote of confidence from three of the world’s biggest technology companies in Snapdeal, which in October got a $627 million investment from SoftBank, also an early backer of Alibaba.

Snapdeal, which bills itself as India’s version of Alibaba, did not break out individual investments. EBay Inc, an early backer of the company, is selling part of its stake in a transaction which also involves fresh funding. Existing investors Temasek, BlackRock, Myriad and Premji Invest also participated in the funding round, Snapdeal said, without giving further details.

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Source:Indianexpress