Snapdeal Fever- SoftBank Invests $627 Million
Snapdeal is the biggest online shopping portal in India. Snapdeal shopping fever is still going on and will likely to increase in the coming weeks especially after huge investment deal they grabbed from Japan. Jasper InfoTech, owner and operator of Snapdeal.com has just close the deal of around $627 million which is around Rs. 3, 845 crore in Indian rupee, from a popular Japanese company SoftBank. This is the largest stake investment into any Indian company until date.
The investment deal was closed earlier in October, making SoftBank the lasrgest stake holder in Snapdeal. By selling their stakes to different investors, Snapdeal has managed to raise around $1 billion, approx Rs. 6132.5 crores in Indian rupee. In the current part of the year, Indian e commerce section is flourishing to a high level.
After grand entrance of Amazon last year, there is a high level demand of foreign investment in this field. Everyone wishes to have a part of the e commerce action going on in India. Ebay is trying to bank on Snapdeal while Amazon and Wal-Mart is trying to make their way in Indian economy will surely enhance this stance.
Nikesh arora, the new head of the SoftBank internet and media Inc. (SIMI) will join Snapdeal board soon. He has stated that, "India has the third-largest internet user base in the world, but a relatively small online market currently. This situation means India has, with better, faster and cheaper internet access, a big growth potential,"
This investment deal will soon make further speculations on improving technology and supply chain management. Company is trying to take serious decisions for improving business, supply and technology all over the country by establishing innovation centers.
There are several major investors in Snapdeal such as Tata group, eBay, BlackRock, PremjiInvent, Myriad Asset Management and Tybourne Capital. With these and many more to come, Indian e commerce sector is sure to flourish like none of the rest.
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