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Snapdeal raises $500M from Alibaba, Foxconn and Softbank: Report

SnapDeal

Ecommerce giant Snapdeal has reportedly raised $500 million from Alibaba, Apple iPhone maker Foxconn and existing investor Softbank, reports re/code. In October last year, Snapdeal had raised $627 million from Softbank, with the latter being the largest investor in Snapdeal at that point.

SoftBank Internet and Media Inc (SIMI) CEO Nikesh Arora joined Snapdeal’s board as part of the investment. At that time, Snapdeal claimed to have over 25 million registered users, 50,000 merchants and over 5 million products across 500 categories.

A Business Standard report mentioned that Snapdeal had a gross merchandise value (GMV) of $2 billion at the end of 2014. Data released by Softbank in its presentation claimed that Snapdeal’s GMV had grown 301% year on year from March 2014 to March 2015.

Letsgomo acquisition: In June, Snapdeal acquired mobility solutions company Letsgomo Labs. With the acquisition, the 76 member Letsgomo team joined Snapdeal. It was not yet clear whether Letsgomo could continue to operate independently or merge with Snapdeal. Letsgomo consulted businesses regarding building mobile strategies, conceptualization of applications and mobile sites, implementation and hosting.

MartMobi acquisition: In May, it acquired Hyderabad-based mobile technology startup MartMobi for an undisclosed amount. At that time, the company had said that this acquisition would allow Snapdeal to provide merchants on its platform better mobility options. Snapdeal co-founder Rohit Bansal

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Freecharge acquisition: In April, Snapdeal acquired online recharge and couponing site Freecharge. The value and terms of the deal weren’t disclosed, but the deal was pegged at a value of about $450 million (Rs 2,800 crore), making it the biggest such deal in the Indian consumer internet industry, eclipsing Flipkart’s acquisition of Myntra for about $330 million.

RupeePower investment: In March, Snapdeal had acquired a majority stake in Gurgaon-based financial products and services platform RupeePower for an undisclosed amount. Following the deal, Snapdeal had said it will start offering a financial services marketplace, where consumers can expect to get home, auto and personal loans, credit cards and extended warranty among other services.

GoJavas stake: In the same month, it picked up a minority stake in logistics firm GoJavas to strengthen its supply chain infrastructure.

Exclusively acquisition: In February, it acquired online luxury fashion store Exclusively (formerly Exclusively.in) for an undisclosed amount. Exclusively.in was acquired by rival Myntra in 2012, but Myntra probably sold back its entire stake in the company back to founder Sunjay Guleria in second half of 2013, after which the company was operating independently.

Snapdeal’s recent top level hires here.

 

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Written By

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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