Keeping in mind the end goal to fortify its vicinity in India, Japanese telecom and internet enterprise, Softbank has invested USD 627 million in Snapdeal. Softbank had likewise as of late invested USD 210 million in Indian cab administration aggregator, Olacabs. As a component of the arrangement, Nikesh Arora, Vice Chairman of Softbank Corp. also CEO of SIMI will join the board of Snapdeal. Prior, Snapdeal had secured USD 100 million in May 2014 and got an undisclosed amount from Ratan Tata in August in the not so distant future. The most recent round brings the aggregate capital raised by the company near USD 1 billion.
The raised stores is required to be utilized to extend the company business in the nation, both naturally and through acquisitions. Snapdeal was established in 2010 and as of now claims to have more than 25 million enrolled clients and around 50,000 business sellers with a grouping of 5 million+ products over 500+ differing classifications from different territorial, national, and global brands and retailers.
Its stage conveys administrations to 5000+ cities and towns in India and has seen 600 percent development from 2013-2014. According to Yourstory report, Kunal Bahl, Co-organizer and CEO of Snapdeal said, "Our whole group at Snapdeal is excited and respected to have Softbank as a key accomplice. With the support of Son-san and Nikesh, we are confident we will further fortify our guarantee to consumers and make life changing experiences for 1 million little businesses in India."
Additionally, Nikesh said that with today's advertisement Softbank is helping the improvement of the framework for the digital future of India, and it needs to support the pioneers and ambitious people of the digital future.