India’s second largest e-commerce company, Snapdeal has raised another $500 million from its existing investor Softbank, in a new round of funding which also saw the participation of Chinese e-commerce giant, Alibaba and Taiwanese manufacturer Foxconn, according to leading tech news portal, Re/Code.
Snapdeal has previously raised more than $1 billion from investors, including SoftBank, eBay, BlackRock, Bessemer Ventures and Indian venture capital firms such as Kalaari Capital and Nexus Venture Partners.
Snapdeal started out as a daily deals platform before it was later converted to an online marketplace in 2011. The company reported a 301% jump in gross merchandise volume (GMV), or value of goods sold on the site, for the year ended March 2015.
Kunal Bahl, Snapdeal’s CEO, speaking at Converge Technology Conference in Hong Kong recently said the e-commerce marketplace aims to become profitable in two to three years.