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Snapdeal is India’s Alibaba;like digital startups: SoftBank

The investment and telecommunication company bought US’ mobile firm Sprint Corp in 2013 but SoftBank Corp chairman Masayoshi Son says, contrary to reports, the company is not aiming to disturb India’s telecom space.

After having hogged all headlines for its USD 627 million investment in online retailer Snapdeal , Japan’s SoftBank Corp chairman Masayoshi Son says he is interested in investing in Indian internet startups.

In an exclusive interview to CNBC-TV18, Son says the firm’s USD 10 billion investment announcement to India is not bound by any budget and if the opportunity present itself, the company may even invest more than USD 10 billion. 

The investment and telecommunication company bought US’ mobile firm Sprint Corp in 2013 but Son says, contrary to reports, that the company is not aiming to disturb India’s telecom space but is very optimistic on the potential in Indian internet startups.

Given the plethora of e-tailers, Son says the company chose to invest in Snapdeal due to a personal preference and belief in its long-term success.

“Snapdeal has the potential to become India’s Alibaba. Other peers like Flipkart have an Amazon-like model and Snapdeal is based on Alibaba’s market place model, which we are more confident about,” explains Son.

Transcript to follow soon.

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