FIH Mobile, a subsidiary of contract manufacturer Foxconn, has written off almost the entirety of its $200m investment in India-based e-commerce company Snapdeal, the Economic Times has reported.
Snapdeal operates an online marketplace that has raised about $1.7bn in funding. It was valued at $6.5bn to $7bn as of a $200m round in early 2016. Foxconn had taken part in a $500m round the year before alongside fellow corporates Alibaba and SoftBank.
However, Snapdeal found itself unable to keep up with rivals such as Flipkart and Amazon, and Flipkart bid $900m to $950m to buy the company, only for Snapdeal to turn the bid down in July 2017.
Foxconn had revealed in a May 2017 financial report that it had written off $160m of its funding for the company as an impairment, and disclosed in its 2017 full-year report that it has now written down $197m of the $200m investment.
The news comes three months after e-commerce firm eBay wrote off $61m of its investment in Snapdeal, having led a $50m round for the company in 2013 and a $134m round the following year.