Japanese telecommunications and internet giant Softbank Group announced on Tuesday that it invested $627 million in Indian online retailer Snapdeal, making it the largest investor in the e-commerce firm.
Softbank, a major shareholder in Yahoo! Japan, U.S. carrier Sprint and recently listed Chinese e-commerce giant Alibaba, said the deal aims to strengthen its presence in India and leverage synergies with its network of Internet companies around the world.
"We believe India is at a turning point in its development and have confidence that India will grow strongly over the next decade. As part of this belief, we intend to deploy significant capital in India over the next few years to support development of the market," said Masayoshi Son, chairman and CEO of Softbank.