SoftBank makes nearly USD 800 million investment in 2 Indian companies

Friday 31 October 2014 13:00 CET | News

SoftBank, the Japanese telecommunications company, is investing almost USD 800 million in two different Indian companies, according to Forbes.

SoftBank`s investment plan for India has started with the purchase of a USD 627 million stake in online marketplace Snapdeal. The former also led a USD 210 million round into taxi app and Uber competitor Ola Cabs. The company’s investments into Snapdeal and Ola come only a week after SoftBank announced it led a USD 100 million round in Indonesian online marketplace company Tokopedia.

Although it did not reveal its stake, SoftBank will become the largest shareholder in Snapdeal, which already counts eBay as a large investor, Forbes reports. Founded in 2010 by Kunal Bahl and Rohit Bansal, Snapdeal is an ecommerce site with 25 million registered users and 50,000 vendors. Forrester Research expects annual online spending to reach USD 3.2 billion in 2014, a figure that is expected to increase by more than fivefold in 2018.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Softbank, Ola Cabs, Snapdeal, ecommerce, investment, online marketplace
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce