The Share and Stock Market is one of the most important ways for companies to raise their money through shares, and the objective of this blog is to provide you daily intraday news regarding stock market. You have arrived at the right place and you'll find a lot of information here on intraday news updates— basic concepts, strategies for buying and selling, time of entry and exit and a lot more.
Snapdeal looking to raise $100 million from SoftBank, other investors
MUMBAI - Indian online retailer Snapdeal is looking to raise just over $100 million from existing shareholders including Japan's SoftBank and new investors, its chief financial officer said.
The company, which last year lost its second place in India's fiercely competitive online retail market to Amazon.com Inc, aims to become profitable in two years but faces falling cash reserves.
CFO Anup Vikal said Snapdeal has enough cash for this year, after sources told Reuters last month that the company was seeking investment to shore up its finances after unsuccessful talks with Chinese funds and existing investor Alibaba Group Holding Ltd.
"About a $100 million plus is what we need, until we start being independent," Vikal told Reuters in an interview late on Monday.
Vikal said some of Snapdeal's existing investors including SoftBank, its largest backer, were willing to participate in the fundraising.