jasper Infotech operated ecommerce platform Snapdeal is in talks with Chinese ecommerce giant Alibaba Group and Foxconn Technology Group to raise about $500 Mn. The deal is valuing the company at roughly $5 Bn. As per the source, Alibaba, Foxconn will invest jointly in Snapdeal for 10% stake in the company. Till now, the venture has raised around $1.5 Bn from a host of investors that include names like Japan’s Softbank (the largest shareholder said to hold one third in the company), Ratan Tata, PremjiInvest, BlackRock among others. Earlier, Snapdeal had acquired mobility solutions company Letsgomo Labs for an undisclosed amount. Previously, the venture had Hyderabad based mobile commerce platform, MartMobi for an undisclosed amount. Recently, peer Flipkart India had raised around R319.35 Cr ($50 Mn) from Morgan Stanley’s $2 Bn Small Company Growth Fund
Source: dealcurry.comAlibaba, Foxconn To Invest In Snapdeal
Industry: Media 2015-11-24