Tomahawk, WI 10/29/2014 (Basicsmedia) – Softbank Corp (USA)(OTCMKTS:SFTBF) CEO, Masayoshi Son, remains confident that Snapdeal has the potential to follow on the footstep of Alibaba Group Holding Ltd (NYSE:BABA) and become a force to reckon with on e-commerce. During an interview on CNBC, Son reiterated that Softbank Corp (USA)(OTCMKTS:SFTBF) was ready to invest up to $10 billion in the next ten years depending on opportunities that might emerge.
Snapdeal has just raped up a $627 million investment package from Softbank Corp (USA)(OTCMKTS:SFTBF), which is one of the stakeholders at Alibaba Group Holding Ltd (NYSE:BABA). Softbank believes Snapdeal understands Alibaba model of operation pretty well something that will be of much help in the startup gaining market share on the online platform.
“We have financial capability we are looking for opportunities it all depends, $10 billion is not the most important thing. It is not the budget that we have to spend no matter what that’s not the case. If it takes more than $10 billion we are willing to do so, if it is less than $10 billion still we will be happy, “said Mr. Son.
Softbank Corp (USA)(OTCMKTS:SFTBF) invested $20 million in Alibaba Group Holding Ltd (NYSE:BABA) 14 years ago and has since seen its stake in the giant Chinese company grow to become worth billions. Investing in Snapdeal shows the amount of belief that Softbank has on the startup growing to near the heights of Alibaba.
“Over the last ten years it has really grown people understand now Alibaba is a great company but only until several years ago. People didn’t understand the value of Alibaba. Right now Snapdeal has significant growth and a great team. India future opportunity, I think is so huge, this is an exciting opportunity, “said Mr. Son.
Softbank did not sell any of its stake in Alibaba during the recently held IPO arguing that the company is still growing and could be more valuable in the years to come. Softbank Corp (USA)(OTCMKTS:SFTBF) was not of the idea for Alibaba Group Holding Ltd (NYSE:BABA) to rush into an IPO arguing that if the online company needed cash it was more than willing to provide the same.