SoftBank to invest $627 million in Snapdeal

Japanese telecom and media giant SoftBank has announced a roadmap for investment of $10 billion (around Rs 60,000 crore) in India over the next 10-year.

Founder and Chief executive of SoftBank, Masayoshi Son has said that the company will invest in several Indian companies including fast-growing online retailer Snapdeal.

Masayoshi Son, Japan’s richest man, who had invested $20 million in Chinese e-commerce giant Alibaba, said India is “the top most priority for SoftBank”. It will invest in Indian e-commerce and technology companies and Son is set to meet various Indian companies during his visit.

SoftBank is going to invest $627 million in Delhi-based Snapdeal and claim around 20-25% stake there.

“I have a strong willingness to invest more like $10 billion in the next 10 years,” Son said to CNBC, adding, “I strongly believe that Snapdeal has the potential to be like the Alibaba of India.”

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