India's Flipkart receives big investment from SoftBank fund
00:16, Aug 12, 2017
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The fundraising pegs the value of Flipkart perhaps at an estimated $11.6 billion, the same as it was in April during the previous round, a source said. Ten days ago, the merger negotiations between Flipkart and Snapdeal failed; as the majority stakeholder in Snapdeal, SoftBank is believed to have written off its estimated $900-million investment in the firm.
For almost two years, the battle for dominance in e-commerce was a three-way race between Flipkart, Amazon and Snapdeal. Amazon CEO Jeff Bezos has decided India is the company's top prospective market overseas and pledged more than $5 billion to expansion efforts there. The deal was reportedly backed by SoftBank, which is the largest investor in Snapdeal. Softbank has a record of partnering with cutting-edge technology companies and Flipkart is hopeful of a long term fruitful partnership with the investor.
After the current financing round wherein Softbank's Vision Fund joins Tencent, eBay and Microsoft, Flipkart will have an excess cash of over $4 billion on its balance sheet, according to a company statement.
SoftBank seems intent on spreading at least some of the $93 billion in capital raised by the Vision Fund to emerging tech firms operating in markets in Asia-Pacific.
Masayoshi Son, founder and chairman and chief executive of SoftBank Group Corp said, "India is a land of vast opportunity". "We look forward to the results of the Snapdeal 2.0 strategy and to remain invested in the vibrant Indian e-commerce space", he said in a statement last month. They are continuing their marketing leadership. We want to support innovative companies because they are best positioned to leverage technology.
Soft Bank has been spanning over United States dollars of 6 billion in India e-commerce like digital payments, digital payments, ride sharing and hospitality. "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". Flipkart now has a lot more cash to splash. SoftBank is one of the lead investors in Snapdeal, though the day after Snapdeal announced that it terminated talks with Flipkart, it emerged that SoftBank was looking to invest in Flipkart.
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