Founder and CEO of Snapdeal Kunal Bahl is clearly very excited after Japan's SoftBank Corp decided to invest $627 million in the online retailer.
This is the largest investment made by a single investor in an e-commerce company in India.With the latest funding, Snapdeal has raised over $947 million to date.
Bahl tweeted that this may be the largest gift for an entrepreneur. It sure is.
- Kunal Bahl (@1kunalbahl) October 28, 2014
Kunal Bahl, co-founder and CEO of Snapdeal, said, "Our entire team at Snapdeal is thrilled and honoured to have SoftBank as a strategic partner. With the support of Son-San and Nikesh, we are confident we will further strengthen our promise to consumers and create life changing experiences for 1 million small businesses in India."
Earlier this year, Snapdeal raised $133.77 million (Feb 2014) led by eBay and $105 million (May 2014) from institutional investors - Temasek, Myriad, Tybourne, Blackrock Inc and Premji Invest.
Ratan Tata, Chairman Emeritus, Tata Sons also made a personal investment into the company.
In a press release, Snapdeal said, "These investments stand testimony to confidence displayed by investors in the company's pure marketplace model and are in line with Snapdeal.com's growth strategy and vision to create life changing experiences for 1 million businesses in India."
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Updated Date: Oct 28, 2014 11:56:37 IST