We are back guys with another latest Breaking news Now Alibaba May Not Accredit Snapdeal Due To Rs 6,200 Crore Funding Round. Alibaba Group Holdings Ltd may scrap plans to invest in online marketplace Snapdeal, technology website Recode reported, citing a person who was familiar with the matter. Alibaba and Snapdeal’s talks, however, did not involve a deal close to the $1 billion number reported (source by Reuters). So guys we don’t want to waste your valuable time just scroll down page and get all of the stuuf or details of this article easily given below.
Alibaba May Not Accredit Snapdeal Due To Rs 6,200 Crore Funding Round
- Alibaba has held discussions with Snapdeal about a possible investment, but the Chinese company is leaning away from investing in Snapdeal right now, Snapdeal competes in India with bigger rivals Flipkart.com and Amazon.com, and media reports had said it was seeking $1 billion in its latest funding round to fuel growth.
- Jasper Infotech, the company which owns Snapdeal, is aiming for a valuation of at least $5 billion (Rs 30,000 crore) in this latest round, according to the sources. Just in October, it raised Rs 3,800 crore ($627 million) from Japan’s SoftBank, valuing the company at Rs 11,200 crore ($1.8 billion). “Snapdeal has a term sheet from Alibaba, but is not getting the valuation (it) wants,” said one of the sources, referring to the document that indicates an investor’s initial interest.
- Alibaba Group Holdings Ltd may scrap plans to invest in online marketplace Snapdeal, technology website Recode reported, citing a person who was familiar with the matter. Last month, Ant Financial Services — part of the Alibaba Group — said it will acquire 25 per cent stake in One97 Communications, the parent of mobile commerce firm Paytm.
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