Snapdeal secures $500 million in funding from Alibaba, Foxconn and SoftBank

Snapdeal has secured $500 million in latest round of funding from Alibaba, Foxconn and existing investor SoftBank, according to a latest report from Re/Code. The news comes after a WSJ report from June said that Alibaba and Foxconn are looking to invest in Snapdeal.


Snapdeal had raised closed to $1 billion last year in funding that includes $627 million in funding from SoftBank last year in October. The company had a gross merchandise value (GMV) of $2 billion at the end of 2014. Snapdeal is in a tough competition with the homegrown e-tailer Flipkart and Amazon. Last week, Flipkart raised $700 million in funding. Meanwhile, Amazon recently announced that it is about to pump $5 billion in India in order to expand its operations and launch new services.

Snapdeal has been on an acquisition spree since the start of 2015. The company acquired online luxury fashion store in February followed by mobile recharge service Freecharge acquisition for more than $450 million in April. Snapdeal bought mobile tech start-up MartMobi in April and mobility solutions company Letsgomo in June.


Author: Sneha Bokil

Sneha Bokil is a tech enthusiast and is currently using OnePlus 3T but she still treasures her Nokia N70 (M). You can follow her on Twitter @snehabokil and on Google+