Home / Knowledge / News / Apparel/Garments / SoftBank Group set to invest $627 million in Snapdeal
SoftBank Group set to invest $627 million in Snapdeal
31
Oct '14
SoftBank Internet and Media Inc., one of the leading providers of comprehensive range of mobile communications, fixed-line communications, and Internet services around the world, is set to invest US$ 627 million in Snapdeal, one of the largest online marketplaces in India.

Through this strategic investment and partnership with Snapdeal, the SoftBank Group aims to further strengthen its presence in India and leverage synergies with its network of Internet companies around the world.

Masayoshi Son, Chairman and CEO of SoftBank Group said, “Since Softbank’s foundation, our mission has been to contribute to people’s lives through the information revolution. We believe India is at a turning point in its development and have the confidence that India will grow strongly over the next decade. We intend to deploy significant capital in India over the next few years to support development of the market.”

Nikesh Arora, the vice president of Softbank Group said, “India has the third-largest Internet user-base in the world, but relative a small online market. With better, cheaper and faster internet access, India has a lot of growth potential. SoftBank Group is contributing to the development of infrastructure for the digital future of India and wants to support the leaders and entrepreneurs of the digital future.”

Kunal Bahl, the co-founder and CEO of Snapdeal said, “Our entire team at Snapdeal is thrilled and honoured to have SoftBank Group as a strategic partner.”

Nikesh Aroroa will be joining the Board of Snapdeal as part of the strategic investment by SoftBank Group. Morrison and Foerster LLP acted as legal advisor to SoftBank Group, with Kocchar & Co. Advising SoftBank on Indian law matters.

Snapdeal.com, headquartered in New Delhi, is one of the leading e-commerce companies in India.

SoftBank Group, comprising of SoftBank Corp with its subsidiaries and associates, is one of the global leaders of Internet services, with hundred million subscribers. (GK)

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 24th Mar 2017

UK online retail sales up 15% in February 2017

Online retail sales in UK have grown by 15 per cent year-on-year in...

Courtesy: Messe Frankfurt

Textiles | On 24th Mar 2017

Over 3341 exhibitors participate in Intertextile Shanghai

More than 3,341 exhibitors from 26 countries and regions participated ...

Apparel/Garments | On 24th Mar 2017

Tiruppur garment cluster hopeful of meeting export target

The Tirupur garment cluster is hopeful of meeting its target of...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search