India’s anti-trust regulator approves Alibaba’s purchase of Snapdeal stake

The Competition Commission of India (CCI) has given its approval for Alibaba to buy a 4.14% stake in Indian online marketplace Snapdeal. Alibaba announced its intention to invest in Snapdeal in August.

Founded in 2010, Snapdeal is one of India’s biggest online retailers.

Snapdeal was reported to have raised about $500m in the funding round that took place in August. Other investors which took part in the August fund raising included Foxconn, Temasek Holdings, BlackRock, Myriad and Premji Invest.