By Tim Maytom
Softbank, which bought US mobile carrier Sprint last year for $21.6bn, will become the largest shareholder in Snapdeal, with approximately 30 per cent of the shares.
The deal is part of a 10-year, $10bn investment plan in Indian eCommerce laid out by chief executive Masayoshi Son. The country’s online retailers have become increasingly targeted by international investors, due to the nation’s large Internet user-base, relatively underdeveloped eCommerce marketplace and increasing adoption of smartphones.
“Since SoftBank’s foundation, our mission has been to contribute to people’s lives through the Information Revolution,” said Son. “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.”
Snapdeal currently has around 25m registered users and over 50,000 merchants, and has attracted international shareholders including eBay and investment firm BlackRock. The company takes over 60 per cent of its orders on mobile phones.
“Our …read more
Source:: Mobile App News