SoftBank's Vision Fund acquires stake in Flipkart
A tech fund backed by Japan`s SoftBank Group has picked up one of the biggest stakes in India`s leading homegrown online retailer Flipkart, the Bengaluru headquartered firm said in a statement on Thursday.
The SoftBank Vision Fund has invested in Flipkart via a mix of direct capital infusion and buying out stakes from some of the firm`s existing investors, the statement said without giving details.
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 SofBank`s attempts to forge a deal between Flipkart and its smaller rival Snapdeal fell apart following months of negotiations.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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