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Ecommerce

Alibaba and Foxconn to invest USD 500 mln in Snapdeal

Wednesday 17 June 2015 | 12:55 PM CET

Chinese electronic-commerce company Alibaba Group and iPhone assembler Foxconn have revealed plans to jointly invest about USD 500 million in Snapdeal.com.

Snapdeal connects merchants and buyers selling everything from mobile phones to cars and houses.

For Alibaba, an investment in Snapdeal could speed up the Chinese company’s expansion in India’s booming electronic-commerce market as more Indians go online to shop for clothes, accessories, books and electronics.

For Foxconn, an investment in Snapdeal would give the contract electronics maker a retail foothold in India, where it has experienced booming demand for smartphones.

More: Link
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