Alibaba and Foxconn to invest $500m in Snapdeal

Chinese electronic-commerce company Alibaba Group and iPhone manufacturer, Foxconn have revealed plans to jointly invest about USD 500 million in Snapdeal.com.

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.