Local businesses, HNIs pile into bourse-bound Snapdeal, as Alibaba exits the firm
- ByStartupStory | December 31, 2021
Domestic companies and high-value individuals invested in Snapdeal prior to the IPO, buying China’s giant Alibaba from a New Delhi-based e-commerce company, and scrutinizing bets from East Asian countries. According to a draft document submitted to the IPO,
promoters from Asian Paints such as Havells India and QRG Investments, Rupen Investment and Centaurus Trading are investing in Snapdeal.
Chinese e-commerce company Alibaba sold 4.4% of its shares in a round, attended by Borosil CEO Priyanka Shreevar Kheruka, Edelweiss Mutual Fund Executive Director Radhika Gupta, and former Snapdeal Manager Jason Kothari.
Moneycontrol first reported that investors were trying to withdraw before going public. Kunal Bahl and Rohit Bansal, founders of
Snapdeal, have slightly increased their stake in Indian e-commerce companies during the round.
Snapdeal and Alibaba are not responding to inquiries during the press. Development began after India scrutinized China’s investment last year after soldiers clashed at the border and New Delhi was concerned about opportunistic takeovers by neighboring investors during a pandemic. ..
According to those who know, Chinese investors are withdrawing because they fear that considering a single bet could also affect the holdings of other companies.
SoftBank Group’s Starfish I Pte will sell a portion of its 35.41% stake in an e-commerce company during its IPO. Other companies, such as Foxconn, Sequoia Capital and the Ontario Teachers’Pension Plan Board, will also sell their shares in this offering.
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