Flipkart raises whopping $2.5bn from SoftBank’s Vision Fund

By : |August 11, 2017 0

Flipkart has raised an estimated $2.5 billion from SoftBank Vision Fund, making it the biggest-ever private investment in an Indian technology company. The investment also makes SoftBank Vision Fund one of the largest shareholders in Flipkart, according to an official statement.

“This is the biggest ever private investment in an Indian technology company,” Flipkart said in a statement without disclosing the sum invested but according to sources, investment is worth $2.5 billion, with about $1.5 billion being directly pumped into Flipkart and $1 billion for part of Tiger Global Management’s stake.

“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,” co-founders Binny Bansal and Sachin Bansal said in a statement.

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Flipkart will have more than $4 billion of cash after this investment, which is part of the same funding round in which Tencent, eBay and Microsoft also participated earlier.

The deal comes 10 days after Snapdeal called off merger talks with Flipkart thwarting SoftBank attempts to forge a deal between the two rivals.