Alibaba, Foxconn invest in Snapdeal, Ebay sells shares

Nieuws Breedband India 18 AUG 2015
Alibaba, Foxconn invest in Snapdeal, Ebay sells shares

Snapdeal announced an investment of USD 500 million from Alibaba Group and Foxconn Technology. While Snapdeal did not specify the split of the investments, Foxconn unit FIH Mobile said it would invest USD 150 million. Existing investors SoftBank, Temasek and BlackRock also participated in the round, which values Snapdeal at USD 4.7 billion. FIH Mobile separately announced the purchase of a USD 50 million stake in Snapdeal from EBay. On completion of the two transactions, FIH Mobile will own 4.27 percent of the Indian company. 

Ebay announced that it sold part of its stake in e-commerce portal Snapdeal. Ebay said it was able to realise a significant return on its early investment in Snapdeal, which has grown strongly in the two years since eBay first acquired the stake. Ebay said it retains a "significant portion" of the initial stake in Snapdeal, but did not provide further details on the share sale. Snapdeal, founded in 2010, claims to be the largest online marketplace in India, with more than 150,000 sellers offering over 15 million products.

Categories:

Internet

Companies:

Ebay,  Softbank,  Alibaba,  Foxconn,  Snapdeal

Countries:

India

Tags:

Portals / social media, Advertising services, M&A buyouts & divestments

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