India’s largest Internet firm Flipkart Ltd has raised a fresh round of capital from SoftBank Vision Fund, increasing the company’s cash reserves to more than $4 billion in its battle against arch-rival Amazon India. Flipkart didn’t disclose the amount but said that the SoftBank investment comprises a mix of primary and secondary capital. Mint had reported earlier that SoftBank would invest more than $1.5 billion in Flipkart by putting in fresh capital and buying shares from Tiger Global Management, Flipkart’s largest shareholder. The SoftBank investment, which has been reported by Mint and other publications for months, comes after Flipkart’s proposed takeover of Snapdeal, SoftBank’s portfolio company, collapsed last week. As the pioneers in Indian e-commerce, Flipkart is doing that every day,” said Masayoshi Son, chairman and CEO of SoftBank Group Corp.

Source: Hindustan Times August 10, 2017 08:48 UTC