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.

    SEE ALSO: Samsung Galaxy Note 5 Now Officially Launched: Top 10 Latest Phablets Rivals

    "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.

    SEE ALSO: Lenovo to make phones in Chennai with Flextronics

    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


    Stay updated with latest technology news & gadget reviews - Gizbot

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Gizbot sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Gizbot website. However, you can change your cookie settings at any time. Learn more