wordpress blog stats
Connect with us

Hi, what are you looking for?

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

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 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…

Please subscribe/login to read the full story.
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.

Views

News

New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ