SoftBank Vision Fund Invests Big in Flipkart Post Snapdeal Fallout
The amount of investment has not been disclosed.
SoftBank Vision Fund is now one of the largest shareholders in Flipkart, the e-commerce giant said on 10 August.
Without disclosing the sum invested, Flipkart said: “This is the biggest ever private investment in an Indian technology company”.
The investment is a part of the previously announced financing round, where Flipkart had raised capital from three of the world’s premier technology companies – Tencent, eBay and Microsoft.
After this financing round, Flipkart will have an excess of $4 billion of cash on its balance sheet.
“This is a monumental deal for Flipkart and India... We’re excited to welcome the Vision Fund as a long-term partner, as we continue to build our business with a focus on serving the needs of all Indians and driving the next phase of technology adoption in India,” said Flipkart co-founders Binny Bansal and Sachin Bansal.
(With inputs from PTI.)
(We all love to express ourselves, but how often do we do it in our mother tongue?Here's your chance! This Independence Day, khul ke bol with BOL – Love your Bhasha. Sing, write, perform, spew poetry – whatever you like – in your mother tongue. Send us your BOL at email@example.com or WhatsApp it to 9910181818.)
Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.