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India’s Snapdeal attracts USDS500m investment

China’s Alibaba, Japan’s SoftBank and Taiwan’s Foxconn will lead an investment of USD500 million in India’s Snapdeal, the online marketplace said on Tuesday, as it seeks to expand in the country’s fast growing e-commerce sector.

The move is a vote of confidence from three of the world’s biggest technology companies in Snapdeal, which in October got a USD627 million investment from SoftBank, also an early backer of Alibaba.

(Source: CNBC)

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