SoftBank Fund Is Said to Invest $2.5 Billion in Flipkart
- Masayoshi Son’s tech fund is said to become biggest backer
- Top Indian online mall now has $4 billion of cash to compete
SoftBank is said to be investing about $2.5B in India's Flipkart. The deal would boost Flipkart's cash holdings to more than $4B and help it compete with Amazon. Bloomberg's Edwin Chan reports on 'Bloomberg Markets: Asia.' (Source: Bloomberg)
SoftBank Vision Fund will invest about $2.5 billion in Flipkart Group, swelling the Indian e-commerce players’ cash hoard as it vies with Amazon.com Inc., people familiar familiar with the matter said.
The investment includes approximately $1.5 billion directly into Flipkart and $1 billion for part of Tiger Global Management’s stake, the people said, asking not to be identified discussing the details. The deal will make the fund created by SoftBank Group Corp. Chairman Masayoshi Son the biggest shareholder of Flipkart, the people said. Flipkart announced the fund’s investment earlier without revealing an amount.