The Delhi-headquartered online retailer which was founded by Wharton graduate Kunal Bahl and IIT Delhi alumnus Rohit Bansal in 2010, received $133.7 million in February from investors led by Chinese e-commerce company eBay and $105 million in May from a group of investors, including IT billionaire Azim Premji's family office Premji Invest.
Japanese internet and telecommunications group SoftBank has put in $627 million (Rs 3,847 crore) in Snapdeal, becoming the largest shareholder in the online marketplace major.
WHY SOFTBANK INVESTED IN SNAPDEAL?
- Because India is the third-largest Internet user base in the world.
- India has better, faster and cheaper Internet access, a big growth potential
- India will grow strongly over the next decade
Registered users: 25 million
Sellers: 50,000 business sellers
Technology Team Size: 1000
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