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Snapdeal raises $500M while eBay sells partial Snapdeal stake

Ecommerce marketplace Snapdeal has raised $500 million in funding led by Foxconn, Alibaba and existing investor Softbank, with participation from other existing investors Temasek, BlackRock, Myriad and PremjiInvest, reports VCCircle. Snapdeal will expand its geographical reach and enhance its services with the funding. It is unclear whether this is a fresh round of funding or a confirmation of the report we’d written on 3 August. We've written to Snapdeal and will update once we hear from them.  In October last year, Snapdeal had raised $627 million from Softbank, with the latter being the largest investor in Snapdeal at that point. As of now, Snapdeal claims to have over 150,000 sellers who sell over 15 million products to over 5,000 towns and cities in India. eBay sells partial stake in Snapdeal In related news, the 20 year old eBay has sold a partial stake in Snapdeal for an undisclosed amount to ‘effectively manage its global interests and invest in other strategic initiatives’. eBay will earn the amount it invested from the sale of its partial stake and the opportunity to earn more with its remaining stake, according to re/code. eBay will use part of the proceeds to invest in eBay India and other areas of its business. eBay claims to have over 30 million items hosted by 65,000 businesses on its India site. HDFC Bank tie up for credit card Earlier this month, India’s second largest private lender HDFC Bank tied up with Snapdeal to launch a co-branded credit card, aimed…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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