Alibaba, Foxconn invest in Snapdeal

Alibaba Group Holding Ltd and Foxconn Technology Group pushed further into India by leading an investment of $500 million in Snapdeal that values the five-year-old online marketplace at about $4.7 billion.

While Snapdeal did not specify the breakdown of the investments, Foxconn and its unit FIH Mobile Ltd will invest a total of $200 million for a 4.27 percent stake. Existing investors SoftBank Group, Temasek Holdings Pte Ltd and BlackRock Inc also participated in the round, Snapdeal said in a statement on Tuesday.

Snapdeal is in a three-way battle for dominance in India with local rival Flipkart Online Services Pvt and Amazon.com Inc of the United States.