10/28/2014 3:54:39 PM
|written By : Team India Se|
It is really a Diwali dhamaka for Snapdeal. In one of the largest investments ever in any Indian e-commerce firm, Japanese internet and telecommunications group SoftBank has put in $627 million in Snapdeal, becoming the largest shareholder in the online marketplace major.
With this investment, Snapdeal has raised around $1 billion this calendar year. Snapdeal will use the investments in expanding its chain of fulfillment centres and make acquisitions in the coming few months, specifically in the area of mobile technology.
The Delhi-headquartered online retailer which was founded by Wharton graduate Kunal Bahl and IIT Delhi alumnus Rohit Bansal in 2010 has received funding from various investors including IT billionaire Azim Premji's family and Tata group chairman emeritus Ratan Tata.