The fund, with a corpus of at least $100 million, will consist mostly of personal capital pooled in by the technology titans. The rest will come from “friends and family”, the sources said.
The windfall comes at a time when most Indian consumer internet unicorns are under pressure to lower their valuations for getting fresh capital.
Airbnb's CEO, who was in India over the weekend to launch the Trips business, said US President Donald Trump's travel ban went against his company's global mission to work on policies aimed at ending racism.
India will become one of Airbnb’s key revenue generators with the country’s young and rapidly expanding middle class spending big on travel, Chesky said.
Snapdeal’s share slipped to 13%, increasing its gap in the pivotal category. Over a third of all smartphones are sold online.
Shareholding of Alibaba with payments affiliate Alipay to go over 60% in Paytm E-commerce, which will compete with Amazon India and Flipkart.
The Delhi-based firm could be valued at about $700 million (Rs 4,700 crore), if the transaction is successful, according to two people aware of the talks.
The deal will also give SoftBank — founded by Masayoshi Son — a larger role in the Indian travel market, where online penetration is much higher as compared to retail.
Daily shipments have dropped by half over the past month as Snapdeal restructures its operations and awaits a lifeline from primary investor SoftBank.
Among the online travel agency's pre-IPO VC backers, SAIF was the first to invest and is last to exit. The venture capital firm had invested about $25 million in MakeMyTrip between 2005 and 2008 and owned about 41% stake in the company when it debuted on Nasdaq in 2010.
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