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Snapdeal raises $500 million, eBay sells its stake

BI India BureauAug 18, 2015, 19:23 IST

Snapdeal has garnered a whopping $ 500 million investment led by Alibaba Group, Foxconn and SoftBank. Existing investors like Temasek, BlackRock, Myriad and Premji Invest also participated in this round.

Speaking about this transaction, Kunal Bahl Co-Founder and CEO, Snapdeal said, “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, enabling us to contribute towards creating a Digital India.”

FIH Mobile, a unit of Foxconn is set to acquire a 4.27% stake in Snapdeal for a whopping $200 million via its Singapore-based subsidiary Wonderful Stars Pte.

On the other hand ecommerce company eBay has sold some of its stake in Snapdeal, and would boost its own Indian business.

Image credit: Snapdeal