International corporates Alibaba, SoftBank and Foxconn have strengthened their respective presences in India by investing in the e-commerce firm, which aims to diversify its offering as it grows.
India-based online marketplace Snapdeal has raised $500m in funding from e-commerce group Alibaba, contract manufacturer Foxconn and telecommunications firm SoftBank, Re/code reported yesterday, signifying the increasing international interest in the country’s e-commerce sector.
Snapdeal’s valuation in the round was not disclosed, but a Wall Street Journal report in March stated it planned to raise almost $1bn this year at a $5bn valuation. The company has not confirmed the funding, and a spokesperson told the Economic Times the article, which…
