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It's confirmed: Alibaba not buying Snapdeal

It's confirmed: Alibaba not buying Snapdeal

In February 2010, Kunal Bahl along with Rohit Bansal, started Snapdeal.com with the widest assortment of 30 million plus products across 800 plus diverse categories from over 125,000 regional, national, and international brands and retailers.

BusinessToday.In
  • Updated Dec 2, 2016 1:25 PM IST
It's confirmed: Alibaba not buying Snapdeal

China's Alibaba Group Holding is not buying Indian e-commerce company Snapdeal and is not in talks to do so, a person familiar with the matter said on Thursday, dampening talk that an acquisition was in the works.

In February 2010, Kunal Bahl along with Rohit Bansal, started Snapdeal.com with the widest assortment of 30 million plus products across 800 plus diverse categories from over 125,000 regional, national, and international brands and retailers.

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The Indian company has raised over $1.76 billion in 12 funding rounds.

Snapdeal has more than 300,000 sellers and delivers to 6000 plus cities and towns in India.

Snapdeal has partnered with several global marquee investors and individuals such as SoftBank, BlackRock, Temasek, Foxconn, Alibaba, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners, Ratan Tata, among others.

Snapdeal's major investor  Softbank is owned by Masayoshi Son.

Last festive season was a big hit with most e-commercegiants. Flipkart had global retailer giant, Walmart backing them with a minorshare in the company and Amazon India had a massive support from its parentcompany. However, Snapdeal is losing its market share due to competition fromPaytm.

Alibaba's acquisition could have given Snapdeal the neededpush to deal with the growing competition in the e-commerce segment.

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Prior to Snapdeal, Alibaba was believed to be in talks withFlipkart for a possible acquisition. It was clear that the deal didn't work outwhen Alibaba jumped to talk terms with Snapdeal.

Alibaba also has major stakes in Indian e-commerce ande-wallet company Paytm, which rose to glory after PM Modi's demonetisation move.Recently the company faced a lot of flak for accommodating major shares ofChinese companies. The company came out in its defence saying it's as Indian asMaruti.

Alibaba is principally engaged in online and mobile commerce through offering of products, services and technology that enable merchants, brands and other businesses to transform the way they market, sell and operate in the People's Republic of China (the PRC or China) and internationally.

Published on: Dec 2, 2016 12:03 PM IST
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