japans softbank investing 627m in indian online giant snapdeal
Last Updated : GMT 22:20:00
Arab Today, arab today
Arab Today, arab today

Japan's SoftBank investing $627m in Indian online giant Snapdeal

Arab Today, arab today

Arab Today, arab today Japan's SoftBank investing $627m in Indian online giant Snapdeal

SoftBank is to invest $627m in Snapdeal
New Delhi - AFP

SoftBank said Tuesday it would invest $627 million in Snapdeal, becoming the largest shareholder in India's leading online marketplace as the Japanese mobile carrier strengthens its presence in the fast-growing market.
The deal was expected to be completed by the end of November, said a SoftBank spokeswoman in Tokyo.
"With this investment, the SoftBank group will become Snapdeal's largest shareholder," she said, without disclosing further details.
Snapdeal is India's fastest-growing and largest e-commerce website, with more than 25 million registered users and over 50,000 business sellers.
The New Delhi-based company, which has annual sales of $1.0 billion, has raised $350 million since its founding in 2010.
But after the latest round of funding from SoftBank and others, Snapdeal's valuation will rise to an estimated $2.0 billion with SoftBank as the single largest investor.
"Snapdeal is thrilled and honoured to have SoftBank as a strategic partner," co-founder and chief executive Kunal Bahl said in a statement.
"We are confident we will further strengthen our promise to consumers and create life-changing experiences for one million small businesses in India."
Other investors in Snapdeal, which is backed by eBay, include Indian tycoon Ratan Tata, Singapore state-owned investment company Temasek and asset management firm BlackRock.
SoftBank, which made headlines last year after its more than $21 billion takeover of US wireless giant Sprint, said the Snapdeal acquisition was aimed at boosting its presence in the booming Indian online market.
"We believe that India is at a turning point in its development and have confidence that India will grow strongly over the next decade," SoftBank chairman Masayoshi Son said in a statement.
"As part of this belief, we intend to deploy significant capital in India over the next few years to support development of the market," he added.
Son met India's Telecoms and IT Minister Ravi Shankar Prasad during a visit to New Delhi on Monday, as well as Prime Minister Narendra Modi.
India's online retail industry, valued at $1.0 billion just two years ago, is expected to hit $32 billion in sales in 2020, according to retail consultancy Technopak.
Separately, SoftBank also said Tuesday it would jointly invest $210 million in India's ANI Technologies, better known as Ola Cabs, which provides a marketplace connecting consumers and taxi drivers through mobile apps, the web and call centres.
"Ola's current shareholders will join the investment but SoftBank will take the lead," another SoftBank spokeswoman said, without elaborating.
SoftBank is a holding company that boasts more than 1,300 subsidiaries and affiliates involved in a range of mobile communications, fixed-line communications and Internet services.
It holds about one-third of Chinese online giant Alibaba and has said it would probably book a gain of about $4.6 billion from the firm's initial public offering, which raised a record $25 billion last month.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japans softbank investing 627m in indian online giant snapdeal japans softbank investing 627m in indian online giant snapdeal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

japans softbank investing 627m in indian online giant snapdeal japans softbank investing 627m in indian online giant snapdeal

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday