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Snapdeal raises $500 million from global investors
19
Aug '15
E-commerce major Snapdeal has raised $500 million in a fresh round of funding from Japan's SoftBank, global e-commerce giant Alibaba Group and Taiwan-based Foxconn Technology even as eBay Inc is reducing its stake in the Indian etailer.

According to media reports, Jasper Infotech Pvt, which owns Snapdeal, did not specify the individual investments being made. But Foxconn said it is buying a combination of new and existing shares worth $200 million for a 4.27 per cent stake. It will infuse about $150 million as fresh capital for a 3.11 per cent stake, and about 1.16 per cent stake worth $50 million will be bought from eBay Singapore Services Pvt. Ltd.

The new round of funding would value the firm at about $4-5 billion according to market estimates.

Snapdeal said existing investors Temasek Holdings Pte, BlackRock Inc, Myriad and Premji Invest also participated in the fund raising.

The company had earlier raised more than USD 1 billion, from investors including Softbank ($ 627 million) and iconic business leader Ratan Tata (personal investment).

Snapdeal, which began as a coupon platform similar to Groupon Inc when it was founded in February 2010, is one of India's three biggest e-tailers.

American company eBay said it would retain "a significant portion" of its original investment in Snapdeal and the partial stake sale will help it to earn a strong return on capital invested. (SH)

Fibre2Fashion News Desk – India

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