Snapdeal, one of the largest ecommerce marketplaces in India, has raised $500m from investors led by China’s Alibaba, Taiwan’s Foxconn, and Japan’s SoftBank, as it steps up its expansion.
The fundraising round has valued Snapdeal, which was founded in 2010 by Kunal Bahl — an ardent Alibaba admirer, who describes his company as an Indian version of the Chinese online behemoth — at roughly $5bn, people familiar with the transaction say.
Mr Bahl said the fundraising was “a significant endorsement of Snapdeal’s strategy”.
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