India’s Snapdeal confirms $500M in latest funding round

India’s Snapdeal confirms $500M in latest funding round

19 AUG 2015

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.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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