Home / Knowledge / News / Apparel/Garments / Snapdeal raises $500 million from global investors
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

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Silke Brand-Kirsch
Schlegel und Partner

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Sonam & Paras Modi
SVA

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search