SoftBank’s Vision Fund led the current financing round in participation with Tencent, eBay and Microsoft. Now the e-commerce platform has in excess of $4 billion of cash on its balance sheet. This investment is also said to be, “largest private investment in an India-based tech company.”
Expressing their excitement, 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.”
These days Flipkart is facing a decent competition from Snapdeal and Amazon. Recently, Flipkart acquired Indian business of eBay, and further moved to acquire Snapdeal so that it can narrow the competition but Snapdeal rejected the offer.
“India is a land of vast opportunity. We want to support innovative companies that are clear winners in India because they are best positioned to leverage technology and help people lead better lives. As the pioneers in Indian e-commerce, Flipkart is doing that every day,” said Masayoshi Son, Founder and Chairman & CEO of SoftBank Group Corp.
“The Vision Fund is proud to be part of this landmark transaction which is a strong endorsement of India and its thriving economy. We look forward to being a part of Flipkart’s journey towards becoming one of the most successful e-commerce companies in the world,” said Rajeev Misra, CEO of the Vision Fund.