New Delhi, India, August 19, 2015: Snapdeal has announced that it has secured an investment of USD 500 million led by Alibaba Group, Foxconn and SoftBank. Existing investors Temasek, BlackRock, Myriad and Premji Invest also participated in this round.
Speaking about this transaction, Kunal Bahl, Co-Founder and CEO of 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.”
Snapdeal, founded in 2010, has become the fastest-growing and largest online marketplace in India, with more than 150,000 sellers, 15 Million-plus products and a reach to 5000+ towns and cities across India. With a portfolio of marketplaces and strategic investments in building capabilities to drive optimal buyer and seller experiences, Snapdeal is building India’s most impactful digital commerce ecosystem.
© Technuter.com News Service