|
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 public,
said on Wednesday that negotiations were "ongoing", confirming
Indian media reports. The source said Alibaba was "looking, but
there’s still no deal".
A second source familiar with the matter confirmed the two sides
had spoken in the past and said investor interest was "high",
but gave no detail on any current negotiations.
Snapdeal declined to comment.
Alibaba has been eyeing India for months, but has yet to invest
directly in the e-commerce space. Ant Financial, an affiliate of
Alibaba controlled by senior Alibaba executives, bought a 25
percent stake in the Indian payment services provider behind
Paytm last month.
(Reporting by John Ruwitch in SHANGHAI and Nivedita
Bhattacharjee in MUMBAI; Editing by Muralikumar Anantharaman)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
