Snapdeal raises $500 million, eBay sells its stake
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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
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