Snapdeal raises $500 million, eBay sells its stake
Advertisement
Advertisement
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,
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
Advertisement
Advertisement
- Stock markets stage strong rebound after 4 days of slump; Sensex rallies 599 pts
- Sustainable Transportation Alternatives
- 10 Foods you should avoid eating when in stress
- 8 Lesser-known places to visit near Nainital
- World Liver Day 2024: 10 Foods that are necessary for a healthy liver