Flipkart raises $2.4 bn from SoftBank Vision Fund
By MYBRANDBOOK
Flipkart Group (“Flipkart”) has announced an investment - a mix of primary and secondary capital - from SoftBank Vision Fund (“Vision Fund”). This is the biggest ever private investment in an Indian technology company, and will make the Vision Fund one of the largest shareholders in Flipkart.
The investment is part of the previously announced financing round, where Flipkart had raised capital from three of the world’s premier technology companies - Tencent, eBay and Microsoft. After this financing round, Flipkart will have in excess of $4 billion of cash on balance sheet.
“This is a monumental deal for Flipkart and India. Very few economies globally attract such overwhelming interest from top-tier investors. It is recognition of India’s unparalleled potential to become a leader in technology and e-commerce on a massive scale. SoftBank’s proven track record of partnering with transformative technology leaders has earned it the reputation of being a visionary investor. 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,” said Binny Bansal and Sachin Bansal, Co-Founders of Flipkart.
As a leading innovator in Indian e-commerce, the funding round further solidifies Flipkart’s balance sheet and will help accelerate investment in driving continued market leadership.
"The Vision Fund is proud to be part of this landmark transaction which is a strong endorsement of India and its thriving economy. We look forward to being a part of Flipkart's journey towards becoming one of the most successful e-commerce companies in the world," said Rajeev Misra, CEO of the Vision Fund.
The Flipkart Group includes well-known brands such as Myntra, Jabong, PhonePe, Ekart and eBay.in -- frontrunners in online fashion and lifestyle, digital payments, supply chain & logistics, and e-commerce -- besides the parent company. Since 2007, Flipkart has driven forward a behavioral shift in Indian consumers and enabled the broader acceptance of e-commerce. Flipkart has amassed exceptional scale in India through customer-centric innovations that have made online shopping a seamless, accessible and affordable experience for over 100 million Indians.
SoftBank has an India portfolio spanning e-commerce, ride sharing, digital payments, hospitality, clean energy and telecommunications, which is valued at over $6 billion.
Completion of the investment is subject to customary regulatory approvals and closing conditions.
Goldman Sachs & Co. LLC served as financial advisor and Gunderson Dettmer LLP served as legal advisor to Flipkart. Citi served as financial advisor and AZB & Partners served as legal advisor to the SoftBank Vision Fund.
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