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Alibaba eyeing stake in Indian online marketplace Snapdeal
17
Mar '15
Chinese ecommerce giant, Alibaba is in talks with Indian online marketplace Snapdeal, to hike its Indian footprint and may invest around US$ 500-700 million.

Last year in September, Alibaba raised $25 billion through an US IPO, the largest globally. While, Alibaba founder Jack Ma on a visit to India in November last year, had indicated to invest more in India.

According to media reports, talks are on between the two companies and the potential investment may range between $500-700 million.

Founded by Kunal Bahl in 2010, Snapdeal offers more than 50,000 sellers a platform to reach out to over 25 million users.

Last year, Snapdeal had received investment of $627 million from Japanese telecom giant Softbank, which too is an early investor in Alibaba.

Snapdeal’s other investors include former Tata chairman Ratan Tata in his personal capacity, , Blackrock Temasek, Myriad, eBay, Tybourne and Wipro chairman Azim Premji through Premji Invest. (AR)

Fibre2fashion News Desk - India

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