SoftBank’s Vision Fund seizes stake in India’s 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 announced 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 SoftBank’s attempts to forge a deal between Flipkart and its smaller rival Snapdeal fell apart following months of negotiations.

Source: CNBC