India’s one of the biggest e-commerce companies Snapdeal announced that it has raised $500m (£310m) from global start up funding companies for extending its online commercial centres.
Alibaba steps into Snapdeal by funding
Among the sponsor of this funding are China’s Alibaba, Taiwan’s Foxconn and Japan’s SoftBank. The last one- Soft Bank is on its way to invest $200 billion in India. It already invested in various start-ups like Flipkart and Tinyowl. It got a big reserve for India and companies like Snapdeal are taking advantage of the huge funding.
e-Bay also gets into Snapdeal
US company eBay however; one of the early supporters of Snapdeal, declared it was offering its stake to help its own particular business in the nation. e-Bay is all set to expand its operation through Snapdeal.
In the Indian e-commerce area, Snapdeal contends with adversaries Flipkart and Amazon for piece of the overall industry. As per Snapdeal, existing financial specialists Temasek, BlackRock, Myriad and Premji Invest have additionally partaken in the funding round. In 2014, the company had officially brought some $627m up in speculation from Japanese innovation titan SoftBank, going ahead top of the $350m beforehand raised subsequent to the company’s establishing in 2010.
US think-tank CB Insights puts Snapdeal’s present valuation at $2.5bn, making it the second biggest venture capital companies’ funded startup in India after Flipkart. Like its opponents, the company sees the dominant part of its business on smartphones and cell phones.