Snapdeal Likely To Raise $600-$650 Million Investment: A Media Report

In order to expand its operations, online retailer Snapdeal is likely to raise $600 to $650 million (Rs 3,660 crore to Rs 3,965 crore) from its existing investors, reveals a media report.

This would be the biggest investment in the country’s growing e-commerce sector after Flipkart’s $1 billion in July this year. A formal announcement regarding this may be made next week.

Indian online retailers have been on a fund-raising spree to compete with their biggest rival Amazon.

Snapdeal's investors may include Softbank, eBay Inc, Temasek Holdings Pvt Ltd and Ratan Tata, the former chairman of Tata conglomerate.