E-commerce major Flipkart on Thursday announced an investment by , SoftBank Vision fund Group 
the world’s largest technology-focused fund, in its business to become one of its largest shareholder.
SoftBank Vision Fund is a tech fund backed by Japan’s SoftBank Group
Without disclosing the amount invested, the Bengaluru based company said, “This is the biggest ever private investment in an Indian technology company.” However, Reuters quoting sources said Vision Fund has invested close to $2.5 billion in Flipkart via primary, secondary capital.
“The investment is 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,” Flipkart said.
“After this financing round, Flipkart will have in excess of $4 billion of cash on balance sheet”, it said.
Sachin Bansal Executive Chairman of Flipkart took to micro-blogging site Twitter to call it a “monumental deal”.
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- E-commerce major Flipkart on Thursday announced an investment by SoftBank Vision Fund
- “After this financing round, Flipkart will have in excess of $4 billion of cash on balance sheet”, it said in a statement
- The deal comes 10 days after SoftBank’s attempts to forge a deal between Flipkart and its smaller rival Snapdeal fell apart.
The deal comes 10 days after SoftBank’s attempts to forge a deal between Flipkart and its smaller rival Snapdeal fell apart following months of negotiations.
Earlier in the month, Masayosi Son, CEO of SoftBank had said he respected the decision of Snapdeal founders to call off merger talks with Flipkart and the Japanese firm was pursuing separate discussions with the largest Indian e- retailer.
“We respect the decision of Snapdeal founders and we are engaged with Flipkart,” Son had said.
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