Alibaba, Foxconn, SoftBank invest $500 mn in Snapdeal

By: GizBot Bureau

Online marketplace Snapdeal has secured an investment of $500 million led by Alibaba Group, Foxconn and SoftBank, a company statement said on Tuesday.

Alibaba, Foxconn, SoftBank invest $500 mn in Snapdeal

Existing investors Temasek, BlackRock, Myriad and Premji Invest also participated in this round, it said.

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"With global leaders like Alibaba, Foxconn and SoftBank, in addition to our other existing partners, supporting us, our efforts towards building India's most impactful digital commerce ecosystem will be propelled further, enabling us to contribute towards creating a Digital India," said Kunal Bahl, co-founder and chief executive officer of Snapdeal.

Snapdeal, founded in 2010, has over 150,000 sellers, more than 15 million products and a reach to 5,000-plus towns and cities across India.

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So far, Snapdeal has partnered with several global marquee investors and individuals such as SoftBank, Alibaba, Foxconn, BlackRock, Temasek, eBay Inc, Premji Invest, Intel Capital, Sequoia Capital, Tata Sons Chairman Emeritus Ratan Tata, among others.

Source IANS

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