Alibaba in funding talks with Snapdeal

Alibaba is in talks with Indian online marketplace Snapdeal over a potential cash investment, a source familiar with the negotiations said, in what would be the Chinese e-commerce giant's first direct investment in India.

By:REUTERS
| Updated on: Mar 11 2015, 15:56 IST

Alibaba is in talks with Indian online marketplace Snapdeal over a potential cash investment, a source familiar with the negotiations said, in what would be the Chinese e-commerce giant's first direct investment in India.

Snapdeal competes in India with bigger rivals Flipkart.com and Amazon.com, and media reports have said it is seeking $1 billion in its latest funding round to fuel growth.

You may be interested in

MobilesTablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
28% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

In October last year, Snapdeal secured a $627 million investment from Japan's Softbank, itself an early backer of Alibaba.

Also read
Looking for a smartphone? To check mobile finder click here.

The source, who declined to be named as talks are not public, said on Wednesday that negotiations were 'ongoing', confirming Indian media reports. The source said Alibaba was 'looking, but there's still no deal'.

A second source familiar with the matter confirmed the two sides had spoken in the past and said investor interest was 'high', but gave no detail on any current negotiations.

Snapdeal declined to comment.

Alibaba has been eyeing India for months, but has yet to invest directly in the e-commerce space. Ant Financial, an affiliate of Alibaba controlled by senior Alibaba executives, bought a 25 percent stake in the Indian payment services provider behind Paytm last month.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 11 Mar, 15:37 IST
NEXT ARTICLE BEGINS