Snapdeal has raised $500mn from Alibaba, Foxconn and SoftBank, recode reports.
Snapdeal last raised $627mn in 2014 and the current funding round has been rumored for the last few months and was on negotiation table over difference in valuation.
The funding comes at a time when ecommerce companies are again raising massive funding (Flipkart is rumored to have raised $700mn; Paytm is eyeing travel space) and trying out several new ways to grow GMV (grocery being the primary one).
2 days back, Snapdeal launched Snapdeal Instant, a hyperlocal delivery model. As part of Snapdeal Instant model, Snapdeal will do delivery (at no extra cost) within an hour in 3 cities (Delhi, Bangalore and Mumbai) – a showcase of its delivery network.
PS : Note that the funding bit isn’t yet confirmed by Snapdeal.
