Snapdeal is India’s largest online marketplace, and mobile device sales account for the largest portion of its transactions. By investing in Snapdeal, FIH will be rapidly entering India’s mobile device and online sales markets.

FIH General Director Tong Wen-xin said, “We are pleased to be able to invest in Snapdeal, and through this investment we will pursue our vision of “Digital India.” At the same time we will expand our presence in India through Snapdeal and strengthen ties between the company and clients and consumers.”

“India is a tremendous business opportunity, and through this partnership with Snapdeal we will not only establish a deeper understanding, knowledge, and experience in this market, but also create a smart manufacturing system using Big Data and begin plans to create innovative products and solutions.”

Snapdeal founder and CEO Kunal Bahl commented, “Snapdeal is honored and inspired by Foxconn’s investment. With the Hon Hai Group and Terry Guo’s support, we are confident in taking the next step of strengthening our commitment to consumer services. This investment will propel Snapdeal to establish the most influential digital retail system in India as a part of the “Digital India” strategy.

(TR/Phil Sweeney)