Japanese telecom and media group SoftBank is investing $627 million in Snapdeal, making it what the company says will be the largest investor in the Indian e-commerce company. SoftBank vice chairman and former Google executive Nikesh Arora is joining the board of Snapdeal.
Snapdeal, founded in 2010, has more than 25 million registered users and more than 50,000 business sellers. The investment seems to signal a boom in Indian e-commerce, with Snapdeal rival Flipkart raising a $1 billion investment in July this year.
Morrison & Foerster and Kochhar & Co acted as legal advisors to SoftBank.
[Image courtesy: Snapdeal]