After injecting a great deal of wealth in Flipkart and Paytm Mall, Japanese business giant SoftBank, is reportedly, in a discussion with Gurugram-based Snapdeal to invest $100 million (approx ₹717 crore) in the e-commerce unicorn, reported by Inc42.
According to the sources, a group of small Chinese and American investors are also interested in participating in the company’s funding round.
“SoftBank will invest half, or up to $60 Mn in this funding round and the remaining will be given by other smaller investors,” the sources added.
Snapdeal was founded by Kunal Bahl and Rohit Bansal in 2010. Snapdeal provides an online marketplace offering various products across different categories like electronics, mobile, books, fashion, and computers, among others.
SoftBank, on the other hand is known for its leadership by founder Masayoshi Son. It, now, owns operations in broadband, fixed-line telecommunications, e-commerce, internet, technology services, finance, media and marketing, semiconductor design, and other businesses.
In July, Anand Piramal, the executive director of the Piramal Group, invested an undisclosed amount in Snapdeal. The investment has been made by Anand in his personal capacity.
For details: Snapdeal raises an undisclosed amount in funding from Anand Piramal
Besides Snapdeal, other e-commerce platform include Amazon, Flipkart, Myntra, Jabong, Shopclues.com, and many more.