Softbank fund invests in Flipkart, becomes one of its largest shareholders
Flipkart says with Softbank money, it now has $4 billion cash reserves LATEST NEWS : SoftBank Vision Fund, the $100-billion technology-focused fund floated by Masayoshi Son, has invested an undisclosed but significant amount in India’s largest e-commerce marketplace Flipkart , making it one of the largest investors in the company. The investment is part of the same round that saw — Tencent, eBay and Microsoft — invest $1.4 billion in April and will be made at the same $11.6 billion valuation. Flipkart claims that with the investment from SoftBank Vision Fund, it will have $4 billion of cash on balance sheet. “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 & chief executive of...