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India’s Snapdeal to raise USD500m from Alibaba, SoftBank, Foxconn

Indian online marketplace Snapdeal is set to raise USD500 million from a group of foreign investors including China’s Alibaba Group Holding Ltd, three people familiar with the matter said on Monday.

The latest round of support, from investors also including SoftBank Group Corp and Foxconn, the trading name of Hon Hai Precision Industry Co Ltd, would value Snapdeal at more than USD5 billion, another person said.

The move is a show of faith from three of the world’s biggest technology companies in fast-growing Snapdeal, which in October secured a USD627 million investment from SoftBank, itself an early backer of Alibaba.

(Source: CNBC)