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Alibaba in funding talks with Snapdeal: source

Media reports said Snapdeal is seeking $1 billion in its latest funding round to fuel growth

Reuters  |  Shanghai/Mumbai 

Alibaba is in talks with Indian online marketplace Snapdeal over a potential cash investment, a source familiar with the negotiations said, in what would be the Chinese e-commerce giant's first direct investment in India. Snapdeal competes in India with bigger rivals Flipkart.com and Amazon.com, and media reports have said it is seeking $1 billion in its latest funding round to fuel growth. In October last year, Snapdeal secured a $627 million investment from Japan's Softbank, itself an early backer of Alibaba. The source, who declined to be named as talks are not ...

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First Published: Wed, March 11 2015. 14:33 IST
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