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SoftBank To Invest $627 Mln In Snapdeal, $210 Mln In Ola Cabs

SoftBank Internet and Media Inc. announced that it will become the largest investor in India's Snapdeal, through a total investment of $627 million.

Snapdeal, founded in 2010, has become the fastest growing and largest online marketplacein India, with more than 25 million registered users and more than 50,000 business sellers.

SoftBank Group said that, through this strategic investment and partnership with Snapdeal, it aims to further strengthen its presence in India and leverage synergies with its network of Internet companies around the world.

Nikesh Arora, Vice Chairman of SoftBank Corp. and CEO of SoftBank Internet and Media, will be joining the board of Snapdeal as part of this strategic investment by the SoftBank Group.

Separately, SoftBank Internet and Media said that it will lead an investment of $210 million in ANI Technologies Pvt. Ltd., which is known as "Ola Cabs", along with existing investors.

Nikesh Arora will be joining the board of ANI Technologies Pvt. Ltd. as part of this strategic investment by SIMI.

Ola, founded in 2011, leverages its technology platform to provide a marketplace connecting consumers and drivers via mobile apps, the web and call centers. Ola's app now hosts more than 33,000 vehicles across 19 major cities in India.

Meanwhile, Reports said that SoftBank plans to invest about $10 billion in India in the coming years.

by RTTNews Staff Writer

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