India’s Snapdeal Said to Draw $500 Million From Alibaba, Foxconn
The Snapdeal.com website is displayed on a laptop computer in an arranged photograph in New Delhi, India, on Thursday, Aug. 21, 2014. India doesn’t allow foreign-controlled companies to sell products online. That’s led web retailers such as the local Snapdeal to a different model than the one pioneered by Amazon: they operate online marketplaces and local traders sell goods in a $3 billion e-commerce market.
Photographer: Kuni Takahasi/BloombergIndian e-commerce company Snapdeal.com is raising about $500 million from investors led by Alibaba Group Holding Ltd., according to people familiar with the matter.
The investment will value New Delhi-based Snapdeal at about $5 billion and include Foxconn Technology Group, said one of the people, who asked not to be named because the matter is private. Alibaba and Foxconn are each investing about $200 million, two of the people said.