NEWS

News: $500 Million Deal Step Up Snapdeal’s Valuation to $ 4.8 Billion

Snapdeal raises fresh funds worth $500 million in the funding round led by the Alibaba Group. Read more...
Snapdeal raised fresh funds worth $500 million @LogicserveDigi

Snapdeal raised fresh funds worth $500 million @LogicserveDigi

Snapdeal, one of the ecommerce giants in India, announced that it has raised fresh funds worth $500 million, in the funding round led by the Alibaba Group, the Chinese e-commerce, existing Softbank group and Foxconn Technology Group.

According to the documents filed by Taiwanese contract manufacturer Foxconn unit, FIH mobile, after raising the fresh funds the Snapdeal is valued at $4.8 Billion.
Foxconn will buy a combination of the existing and new shares for a stake of 4.27% and shares worth $200 million ($150 million for 3.11% stake and $ 50 million for 1.16% stake from ebay Singapore services pvt. Ltd.)

Its other existing investors who participated in the round include Blackrock, Temasek, Premji and Myriad. According to Alibaba spokeswoman, the funding to Snapdeal will help enhance their exposure to India’s growing ecommerce industry. Having a strong presence in mobile ecommerce, Snapdeal is said to fit Alibaba’s strategy of investing in innovative companies. Ebay too has infused around Rs. 450 Crore in the Ebay India Pvt. Ltd.

Reference: http://goo.gl/RYx9um

SHARE
We bring you the latest updates from the digital marketing world that you need to know
RELATED POSTS
logicserve digital logicnews @LogicserveDigi
Weekend Digital Media Round-up: Xad rebranded as GroundTruth, Twitter’s App revamp, WordPress’s content performance tool, Instagram’s Paid Partnership and more…
Twitter Update – New Premium Video Content Coming Your Way
logicserve digital logicnews @LogicserveDigi
Weekend Digital Media News Roundup: Google Phantom Update, Messenger funds transfer, Google new Ad label, Twitter custom profiles, Expert opinion and more

Leave Your Reply

*