SoftBank Vision Fund has become one of the largest shareholders in Flipkart as it just raked in a significant amount of investment in the company.
This investment in Flipkart is a mix of primary and secondary capital. The investment comes after Snapdeal cancelled the acquisition deal with Flipkart.
Flipkart has also raised capital from three other companies - Tencent, eBay and Microsoft. Now, Flipkart will have in excess of $4 billion of cash on balance sheet.
India has a thriving Internet market with close to 500 million Internet users and as per market research, the Indian e-commerce market is expected to grow at a five-year CAGR in excess of 30 percent.
“This is a monumental deal for Flipkart and India. 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,” said Binny Bansal and Sachin Bansal, co-founders, Flipkart.
