Online retail store, Snapdeal announced that it has secured an investment of USD 500 million led by Alibaba Group, Foxconn and SoftBank.
Snapdeal’s existing investors Temasek, BlackRock, Myriad and Premji Invest also participated in this round. EBay has sold a portion of its investment in Snapdeal. As announced by eBay, the sale proceeds will be invested in eBay India and other areas of its business.
As per Snapdeal, in India they have more than 150,000 sellers, 15 Million-plus products and a reach to 5000+ towns and cities.
Speaking about this transaction, Kunal Bahl Co-Founder and CEO, Snapdeal said, “We see this milestone as a significant endorsement of Snapdeal’s strategy and commitment to creating life changing experiences for millions of small businesses and consumers in India. 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.”
Earlier this month, HDFC and Snapdeal tied up to launch a co-branded credit card. In last month, they have launched Shopo, a zero commission mobile marketplace targeted at small and medium businesses (SMBs) and in May this year, they have acquired Hyderabad based Martmobi.