E-commerce giant Flipkart receives funding from SoftBank Vision Fund, the world largest technology-oriented fund to become one of its largest shareholders. This is the biggest ever investment in Indian Technology Company, Flipkart said. This investment is the part of the $1.4 billion financing round announced by Flipkart, where is received funding from world’s premier technology companies- Microsoft, eBay and Tencent
Flipkart claims to have an excess of $4 billion of cash on the balance sheet after this financing round. With this investment, SoftBank makes its entry into the largest domestic player in e-commerce in India. Either party does not disclose the exact amount of the investment.
Welcoming the investment, Co-Founders of Flipkart Sachin and Binny Bansal, “We are excited to welcome Softbank 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.”
Masayoshi Son, CEO, and founder of SoftBank Group stated, India is a vast land of opportunities. We want to support new and creative companies that are positioned at the top in India which help people to lead better lives, and Flipkart is doing it every day. He also gets to play against Jeff Bezos, the founder of Amazon to overtake the Indian online retail market.
Initially, Son wanted to merge Flipkart and Snapdeal. However, the deal did not turn up, but Son was keen to invest in Flipkart so decided to go for a separate deal. Son has earlier invested in Paytm.
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