Delhi-based ecommerce marketplace, Snapdeal has raised over $500 Mn in a new funding round led by Alibaba, Taiwanese electronics manufacturer Foxconn, and Japanese telco major SoftBank. Its existing investors Temasek, BlackRock, Myriad, and Premji Invest also participated in this round.
Snapdeal was launched in 2010 by Kunal Bansal and Rohit Bansal. Currently, it offers over 15 Mn products from 150,000 sellers and reaches to 5,000 towns and cities across India.
Related Article: Snapdeal Raises $500 Mn From Alibaba, Foxconn & Softbank
“We want to create life changing experiences for millions of small businesses and consumers in India. With global leaders like Alibaba, Foxconn, and SoftBank, in addition to our other existing partners supporting us, our efforts towards building India’s most impactful digital commerce ecosystem will be propelled further,” Snapdeal co-founder and CEO Kunal Bahl said.
Also, ecommerce giant eBay said that it has sold a portion of its holding in Snapdeal. EBay had led a $134 Mn funding round in Snapdeal eighteen months back.
The funds raised in this round will be used for geographical expansion and to enhance the depth of its services.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.