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Snapdeal CEO refutes Alibaba stake sale rumour
22
Sep '14
Dispelling rumours that Chinese ecommerce giant Alibaba which recently raised $22 billion through an IPO, might invest in its Indian rival Snapdeal, the Indian online company said it is not up for sale, but is actually looking for acquisitions.

Snapdeal CEO and co-founder Kunal Bahl told Financial Chronicle, "We are actively talking to two-three e-commerce companies for acquiring them".

“China's Alibaba has been in talks with Snapdeal as it looks to enter India's booming online retail industry, according to two people aware of the development,” the Economic Times reported a few days back.

“Alibaba is considering an investment in Snapdeal as one of its options while it sizes up the online consumer market in this country,” Economic Times quoted a person directly aware of the matter.

Snapdeal, which has around 5,000 businesses selling their products on Snapdeal.com, said it is targeting 1 million businesses that would be selling products through Snapdeal.

“Nothing has yet been finalised,” Bahl told Financial Chronicle, adding the company plans to do the acquisition through internal accruals.

Bahl declined to give further details on the companies he is talking to for acquisition.

Earlier this year, Snapdeal raised $233 million in two rounds of investments from eBay and Azim Premji's family office Premji Invest.

Last month, former Tata Group Chairman Ratan Tata too bought a small stake in Snapdeal.

Economic Times said Snapdeal is also attracting attention from Japan's largest ecommerce company Rakuten and communications provider SoftBank, which is the single largest investor in Alibaba with a 32% stake. (AR)

Fibre2fashion News Desk - India

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