Confirming reports in June, India’s Snapdeal said Alibaba, Foxconn and SoftBank have invested $500 million in the e-commerce platform.
Snapdeal, which was established in 2010 and is the country’s largest e-commerce portal, has received about $1.6 billion in total funding. Temasek, BlackRock, Myriad and Premji Invest also invested in the latest funding round, TechCrunch said.
Japan’s SoftBank and eBay, as well as other existing investors, invested $1 billion last year to prepare the company to compete with international and local rivals Amazon and Flipkart.
In May Snapdeal acquired local firm MartMobi, which creates mobile sites and apps for e-commerce stores, and in April spent an undisclosed amount on FreeCharge, an online transaction firm in India, that was reportedly valued at $450 million, according to TechCrunch.
Snapdeal said it has 150,000 sellers, with more than three-quarters of its sales coming from mobile devices.