(MENAFN) Indian online marketplace Snapdeal is set to raise USD500 million from a group of foreign investors including China's Alibaba Group Holding, three people familiar with the matter said.
The latest round of support, from investors also including SoftBank Group Corp and Foxconn, the trading name of Hon Hai Precision Industry Co, would value Snapdeal at more than USD5 billion.
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.
The deal also reflects strong growth in India's e-commerce sector, driven by affordable smartphones and internet connections. India is the world's third-biggest smartphone market.
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