SoftBank Vision Fund Invests Big in Flipkart Post Snapdeal Fallout
The amount of investment has not been disclosed.
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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.)
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