Japanese telecom and media group SoftBank Corp has agreed to buy a $627 million stake in Indian online retailer Snapdeal, seeking to tap into potentially huge e-commerce growth in the market with the world’s third-biggest Internet user base. Highlighting India as a new priority in its aggressive expansion, SoftBank said on Tuesday it’s also leading a $210 million round of investment in an Indian logistics business in a separate deal. The cash-rich Japanese company made waves with its plans to grow outside its home base last year when it bought No. 3 U.S. SoftBank said it will become New Delhi-based Snapdeal’s biggest investor, but officials at the Japanese company declined to say immediately how big the stake in India’s third-biggest online marketplace will be.
Source: https://in.news.yahoo.com/softbank-says-invest-627-million-snapdeal-031459977–finance.html