E-Commerce Player Snapdeal is set to raise $500 million in investment from Alibaba Group Holding Ltd (BABA.N), SoftBank Group Corp (9984.T) and Foxconn, the trading name of Hon Hai Precision Industry Co Ltd (2317.TW), a person familiar with the matter said on Monday, as per news reports.
The person, who declined to say how much Snapdeal would be valued after the investment, said the deal could be finalised within a few days at the earliest though it may also take weeks.
Online tech publication Re/code first reported the investment on Sunday citing multiple sources, saying the deal had already concluded.
The move is a show of faith from three of Asia's - and the world's - biggest technology companies in fast-growing Snapdeal.
Snapdeal competes with Flipkart Online Services and the local subsidiary of Amazon.com in the country's online shopping market, which Morgan Stanley estimates will be worth $102 billion by 2020.
Snapdeal and SoftBank were not available for immediate comment. Alibaba and Foxconn declined to comment. The person was not authorised to disclose the matter and so declined to be identified.
As per news reports said deal represents Chinese e-commerce firm Alibaba's first direct investment in India. Alibaba affiliate Ant Financial Services Group in February agreed to buy 25 per cent of Indian payment services provider One97 Communications.
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News Source- Reuters
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