Alibaba, SoftBank, Foxconn Lead $500M Round In Snapdeal

Alibaba Group Holding Limited, SoftBank Group Corp and Foxconn have led a US$500 million new funding round in Indian e-commerce firm Snapdeal, according to a Twitter message posted by the company’s CEO.

Existing investors Temasek Holdings, BlackRock, Inc, Myriad and Premji Invest also participated.

In October 2014, SoftBank invested US$627 million in SnapDeal, which is dubbed as India’s Alibaba.

Founded in 2010, Snapdeal had raised over US$1 billion in funding previously.

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