A Reuters report has suggested that Snapdeal is planning to raise a staggering $600-$650 Million through its current investors. This comes almost a month after Flipkart and Amazon invested $1 Billion and $2 Billion on their respective sites.
Sources at Reuters further said that the announcement for the same is probably coming in next week. This investment, is coming just at the right time, when Snapdeal reportedly cashed in Rs. 600 crores in its recently concluded Diwali sale.
Snapdeal and Softbank, e-commerce company’s current investors, declined to comment.
Besides SoftBank, Snapdeal’s other investors include eBay Inc, Temasek Holdings Pvt Ltd and Ratan Tata, the former chairman of the Tata conglomerate.