Chinese electronic-commerce company Alibaba Group and iPhone manufacturer, Foxconn have revealed plans to jointly invest about USD 500 million in Snapdeal.com.
Alibaba and Foxconn to invest $500m in Snapdeal
Alibaba, Asia's biggest e-commerce platform and i-Phone maker, Foxconn, have concluded plans to invest $500 million in Indian based Snapdeal.com.
Alibaba is expanding its business reach
Snapdeal is an e-commerce platform that connects merchants and buyers selling everything from mobile phones to cars and houses.
For Alibaba, an investment in Snapdeal could speed up the Chinese company’s expansion in India’s booming electronic-commerce market as more Indians go online to shop for clothes, accessories, books and electronics.
For Foxconn, an investment in Snapdeal would give the contract electronics maker a retail foothold in India, where it has experienced booming demand for smartphones.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Only 53 out of 5,545 graduates of Adamawa university bag first class
Parents put 3-month-old baby up for adoption so they can focus on work
Tinubu assures of more policies for nation’s industrialisation
Pelumi Nubi’s London-to-Lagos journey and West Africa’s border realities
Kano govt clears the air on alleged stray bullet incident involving journalist
Kebbi Gov won't hesitate to sign death warrant of convicted bandits' informants
Blackout hits Tanzania as Cyclone Hidaya makes landfall, Kenya braces itself
Popular footballer arrested over robbery that left 1 dead as police dismantle gang
When fire started on a boat, the captain was first to escape — 34 passengers died
ADVERTISEMENT