SoftBank Internet and Media Inc., one of the leading providers of comprehensive range of mobile communications, fixed-line communications, and Internet services around the world, is set to invest US$ 627 million in Snapdeal, one of the largest online marketplaces in India.
Through this strategic investment and partnership with Snapdeal, the SoftBank Group aims to further strengthen its presence in India and leverage synergies with its network of Internet companies around the world.
Masayoshi Son, Chairman and CEO of SoftBank Group said, “Since Softbank’s foundation, our mission has been to contribute to people’s lives through the information revolution. We believe India is at a turning point in its development and have the confidence that India will grow strongly over the next decade. We intend to deploy significant capital in India over the next few years to support development of the market.”
Nikesh Arora, the vice president of Softbank Group said, “India has the third-largest Internet user-base in the world, but relative a small online market. With better, cheaper and faster internet access, India has a lot of growth potential. SoftBank Group is contributing to the development of infrastructure for the digital future of India and wants to support the leaders and entrepreneurs of the digital future.”
Kunal Bahl, the co-founder and CEO of Snapdeal said, “Our entire team at Snapdeal is thrilled and honoured to have SoftBank Group as a strategic partner.”
Nikesh Aroroa will be joining the Board of Snapdeal as part of the strategic investment by SoftBank Group. Morrison and Foerster LLP acted as legal advisor to SoftBank Group, with Kocchar & Co. Advising SoftBank on Indian law matters.
Snapdeal.com, headquartered in New Delhi, is one of the leading e-commerce companies in India.
SoftBank Group, comprising of SoftBank Corp with its subsidiaries and associates, is one of the global leaders of Internet services, with hundred million subscribers. (GK)
