Snapdeal raises $500m from investors – including Alibaba

Indian e-commerce company Snapdeal is raising $500m in a new funding round, and the key investors include Alibaba and Foxconn, according to market sources. The new investment will value the New Delhi-based e-commerce company at around $5bn.

Sources told Bloomberg that Alibaba and Foxconn are each investing about $200m, while Softbank (already an investor in Snapdeal) may also participate in the latest funding round.

Snapdeal competes in the Indian e-commerce market with Flipkart and Amazon, which recently announced second quarter profits of $92m.