BENGALURU/ NEW DELHI: Softbank has invested in Flipkart through its $100 billion technology-focused Vision Fund, the Indian ecommerce company announced on Thursday. The investment was a mix of primary and secondary capital.Yesterday:
While the company did not disclose an amount, the total investment by Softbank Vision Fund is pegged at $2.5-2.6 billion making it the largest shareholder in the company, according to one source briefed on the matter.
The deal will give Flipkart's largest backer, New York-based investment firm Tiger Global Management, a partial exit. The investment is part of Flipkart’s recent round where it raised $1.4 billion from Tencent, eBay and Microsoft. Flipkart said that it will now have over $4 billion of cash on its balance sheet following this round.
ET had reported that SoftBank would look to invest between $1.5 to $2 billion into Flipkart after talks between Snapdeal and Flipkart fell through....MORE
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