TMCnet News
India : SOFTBANK spends $627 million in SNAPDEAL [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) With $627 million investment, SoftBank Group will become the largest investor in Snapdeal. Established in 2010, Snapdeal has become the fastest developing and largest online marketplace in India. The SoftBank Group plans to further reinforce its presence in India and leverage synergies with its network of Internet firms world-wide through this strategic investment and partnership with Snapdeal. Since SoftBank s foundation, our mission has been to contribute to people s lives through the Information Revolution. We believe India is at a turning point in its development and have confidence that India will grow strongly over the next decade. As part of this belief, we intend to deploy significant capital in India over the next few years to support development of the market, said Masayoshi Son, Chairman and CEO of SoftBank Corp. Our entire team at Snapdeal is thrilled and honoured to have SoftBank as a strategic partner. With the support of Son-san and Nikesh, we are confident we will further strengthen our promise to consumers and create life changing experiences for 1 million small businesses in India, added Kunal Bahl, Co-founder and CEO of Snapdeal. As part of this strategic investment by the SoftBank Group, Nikesh Arora will join the board of Snapdeal. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |