Snapdeal did not give a break up of individual investments
During the fund raising, eBay cashed out a part of its stake in Snapdeal to focus more on its local subsidiary in the country.
New Delhi: Snapdeal said on Tuesday that it has secured an investment of $500 million from investors led by Alibaba Group, Foxconn and SoftBank, as competition hots up in the nascent but fast growing e-commerce sector.
During the fund raising, eBay cashed out a part of its stake in Snapdeal to focus more on its local subsidiary in the country.
Snapdeal did not give a break up of individual investments. FIH Mobile Ltd — a unit of Foxconn — said it is picking up 4.27 per cent stake in the company for $200 million.
Foxconn’s investment, which was by way of buying 2,967 compulsorily convertible cumulative preference shares from eBay for $50 million cash and subscribing to 79,113 such shares of Jasper for $ 150 million, values Snapdeal at about $4.7 to 5 billion. Existing investors Temasek Holdings and Premji Invest also participated in the fund raising.
( Source : deccan chronicle )
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