Flipkart Announces Funding from SoftBank, Calls It 'Biggest Private Investment in an Indian Tech Company'

said braka 11:06 PM
In a statement on Thursday, Flipkart announced

an investment from the SoftBank Vision Fund, as a part of Flipkart's previously announced round of financing. In its statement, Flipkart pointed out that this is the biggest ever private investment in an Indian technology company, and will make the SoftBank Vision Fund one of the largest shareholders in Flipkart.

With this, Flipkart will now have over $4 billion (approximately Rs. 25,585 crores) in cash on its balance sheet, the company stated. This includes the rest of the funds raised in the latest round, which includes investment from Microsoft, eBay, and Tencent.

In a prepared statement, co-founders Binny Bansal and Sachin Bansal said: "This is a monumental deal for Flipkart and India. Very few economies globally attract such overwhelming interest from top-tier investors. It is recognition of India’s unparalleled potential to become a leader in technology and e-commerce on a massive scale. SoftBank’s proven track record of partnering with transformative technology leaders has earned it the reputation of being a visionary investor. 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."