Snapdeal has declared today that Japanese telecom giant Softbank will invest $ 627 million (about Rs 3,762 crore) in the company, this action will make them the largest shareholder in the online marketplace.
This is the the largest investment till date by a single investor in an e-commerce company in India. Snapdeal will use this investment in expanding its chain of delivery centres and also to make some bigger acquisitions specially in mobile technology.
The investment decision of SoftBank group, probably the biggest by a Japanese firm, has come just after a month of Prime Minister Narendra Modi's visit to Japan in September and the same will definitely give a boost to his future campaigns also to attract FDI in Indian market.
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