Online marketplace Snapdeal has raised another $500 million from an existing investor, Japan’s SoftBank.
According to a report by Re-code, Chinese Internet giant Alibaba and Taiwanese manufacturer Foxconn also participated in the round.
Snapdeal had previously raised more than $1 billion from investors, including SoftBank, eBay, BlackRock, Bessemer Ventures and Indian venture capital firms such as Kalaari Capital and Nexus Venture Partners.
With the major players raising fresh capital, the Indian e-commerce sector appears set for yet another head-on competition.