Snapdeal has secured $500 million in latest round of funding from Alibaba, Foxconn and existing investor SoftBank, according to a latest report from Re/Code. The news comes after a WSJ report from June said that Alibaba and Foxconn are looking to invest in Snapdeal.
Snapdeal had raised closed to $1 billion last year in funding that includes $627 million in funding from SoftBank last year in October. The company had a gross merchandise value (GMV) of $2 billion at the end of 2014. Snapdeal is in a tough competition with the homegrown e-tailer Flipkart and Amazon. Last week, Flipkart raised $700 million in funding. Meanwhile, Amazon recently announced that it is about to pump $5 billion in India in order to expand its operations and launch new services.
Snapdeal has been on an acquisition spree since the start of 2015. The company acquired online luxury fashion store Exclusively.com in February followed by mobile recharge service Freecharge acquisition for more than $450 million in April. Snapdeal bought mobile tech start-up MartMobi in April and mobility solutions company Letsgomo in June.