On Monday, Japanese electronice giant launched its latest range of smart wearbles-SmartWatch 3 and SmartBand…
A huge achievement for Snapdeal, India’s four-year-old startup that allows third party retailers to sell goods online, comes in the form of a $627 million investment from SoftBank Internet and Media. The investment yesterday came at the same time that SoftBank confirmed a $210 million investment in another local startup Olacabs
The Japanese company’s investment is Snapdeal’s cue to continue expanding within the country, riding on what is likely the biggest cash dump by a single investor into an Indian startup. The latest cheque brings Snapdeal’s fundraising this year upto a total of almost $1 billion, putting it into an easier spot to compete with rivals Amazon and Flipkart.
For SoftBank, the investment comes as part of what the company’s chief executive, Masayoshi Son, says is a plan to invest $10 billion in India’s e-commerce sector over the next 10 years. Meanwhile Kunal Bahl, cofounder of Snapdeal, says he hopes to take the company’s future in the same direction as Alibaba, a China-based e-commerce giant in which SoftBank owns a third of the shares.