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Snapdeal raises $500 million investment from Alibaba, SoftBank & Foxconn

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MUMBAI: Snapdeal has secured an investment of $500 million led by Alibaba Group, Foxconn and SoftBank to power its digital commerce ecosystem.

Existing investors Temasek, BlackRock, Myriad and Premji Invest also participated in this round.

Snapdeal co-founder and CEO Kunal Bahl said, ?We see this milestone as a significant endorsement of Snapdeal?s strategy and commitment to creating 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, enabling us to contribute towards creating a Digital India.?

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