Taiwanese contract manufacturer Foxconn Technology is reportedly planning to invest $65-$70m in refurbished goods online retailer Greendust.
Greendust is a unit of India-based Reverse Logistics, which is also in the final stages of discussions with hedge funds Meru Capital and Falcon Edge Capital for prospective investments.
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ET Retail reported that the investment is a part of a larger funding of about $100m.
Founder and CEO of Reverse Logistics Hitendra Chaturvedi was quoted by the publication as saying: "We are in discussions, (but) it may be a bit early to report all that you have documented."
This would be Foxconn’s second investment plan following the recent funding of Snapdeal.
The publication earlier reported that Reverse Logistics started discussions with many strategic and financial investors to raise funds in July 2014.
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By GlobalDataReverse Logistics has been able to raise around INR1.8bn ($27m) in funding from the existing investors who include Vertex Ventures and Lightbox Ventures. It is not yet known whether these two companies are participating in the latest round of funding.
Foxconn is also collaborating with Japanese telecom and internet group SoftBank and Bharti Enterprises to invest around $20bn in India’s green energy sector over the next ten years. This initiative will be undertaken through a new joint venture SBG Clentech.
Image: Foxconn intends to expand its footprint in India. Photo: courtesy of Nadkachna/Wikipedia.
