NEW DELHI: Online marketplace Snap-deal has raised $500 million (about Rs 3,269 crore) in a fresh round of funding from a clutch of investors led by Alibaba Group, Foxconn and SoftBank.
Existing investors Temasek, BlackRock, Myriad and Premji Invest also participated in the latest funding round, Snapdeal said in a statement.
The company had raised more than $1 billion, from investors including Softbank ($627 million) and iconic business leader Ratan Tata (personal investment).
As per market estimates, the new round would value the city-based firm at about $4-5 billion.
"We see this milestone as a significant endorsement of Snapdeal's strategy and commitment to create life changing experiences for millions of small businesses and consumers in India," Snapdeal co-founder and CEO Kunal Bahl said.
He added, with global leaders like Alibaba, Foxconn and SoftBank supporting the company, its efforts towards building India's most impactful digital commerce ecosystem will be propelled further, enabling it to contribute towards creating a Digital India.
Snapdeal, founded in 2010, has more than 1,50,000 sellers on its platform with over 15 million products and a reach to over 5,000 towns and cities across the country.
外文标题：Snapdeal raises $500 million from Alibaba, Foxconn, SoftBank
For expanding business
nline marketplace Snapdeal has raised $500 million (about Rs 3,269 crore) in a fresh round of funding from a clutch of investors led by Alibaba Group, Foxconn and SoftBank.
if that means more discounts then its good news
That does not mean more discounts
now we can shop more
They are expanding
So modinomics started working
21 hours ago
Another e-commerce bubble burst in waiting.
Right now their focus is solely on customer acquisition and using investor's money to provide discounts. All online and offline retailers are bleeding including Big Bazaar. Since there is no value add in the services/products, bubble burst in sure to happen.
Very True! I hope it doesnt happen since from long offline retailers have been bleeding Indian comman man with high profit margin. Today due to online retailers, the offline guys are forced to gain lesser profit thereby benefiting the common man!
There are still many mysteries in the accounting practices and ownership pattern of these ecommerce ventures from India, be it Snapdeal, Flipkart etc. Today Snapdeal is valued at almost $ 5 billion, which makes it one of India's top 20 companies by valuation, but we are not even sure of its annual revenue & total assets. Unclear profitability models, and operational issues (whatever is mentioned in the open media) add to further chaos.