Snapdeal raises $500 million from global investors

The new round of funding would value the firm at about $4-5 billion according to market estimates.

Snapdeal said existing investors Temasek Holdings Pte, BlackRock Inc, Myriad and Premji Invest also participated in the fund raising.

The company had earlier raised more than USD 1 billion, from investors including Softbank ($ 627 million) and iconic business leader Ratan Tata (personal investment).

Snapdeal, which began as a coupon platform similar to Groupon Inc when it was founded in February 2010, is one of India's three biggest e-tailers.

American company eBay said it would retain "a significant portion" of its original investment in Snapdeal and the partial stake sale will help it to earn a strong return on capital invested. (SH)

ALCHEMPro News Desk – India