"With global leaders like Alibaba, Foxconn and SoftBank, in addition to other venture partners, supporting us, our efforts to build an impactful digital commerce ecosystem will be propelled, enabling us to contribute to Digital India," Snapdeal co-founder and Chief Executive Kunal Bahl said in a statement.

Of the e-tailer's other investors, Temesek, BlackRock Myriad and Premji Invest also participated in the ninth or 'I' round of funding.

Alibaba is a leading Chinese e-commerce firm, while Foxconn a Taiwanese multinational electronics contract manufacturing firm and SoftBank, a leading Japanese telecom and internet major, with operations in broadband, telecom, technology services, finance, media and marketing.

Asserting that the new funding was an endorsement of its strategy to create life-changing experiences for small businesses and consumers, Bahl said with 150,000 sellers and a reach of 5,000 towns and cities across the country, the company became a fast-growing e-commerce player.

With about 5,000 employees across the country, Snapdeal offers online shopping experience to millions of buyers for sourcing 15 million products in 500 categories. Co-founded in 2010 by Bahl and Kunal Bansal, the five-year-old company raised a total of USD 1billion (Rs 6,538 crore) in previous eight rounds of funding, including USD 627 million in October 2014, with Softbank as lead investor in H round.

 

Latest News  from Business News Desk