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.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
DELL TECHNOLOGIES INDIA PVT. LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
ZOHO CORPORATION PVT. LTD.
IBALL WORLDWIDE PVT. LTD.
Technology Icons Of India 2023: Alok Ohrie
Alok plays a critical role in the Government of India’s Atal Innovat...
Technology Icons Of India 2023: Natarajan Chandrasekaran
Natarajan Chandrasekaran is the Chairman of the Board of Tata Sons, th...
Technology Icons Of India 2023: Girish Mathrubootham
Girsh Mathrubootham envisioned and co-founded Freshworks. Freshworks, ...
TCIL continues to strengthen India with its technology expertise
TCIL undertakes consultancy & turnkey projects in the field of Telecom...
CSCs enabling rural India digitally empowered
Common service centres (CSCs) are digital access points under the Digi...
ITI Limited widening its focus area
ITI Limited is a public sector undertaking company, has manufacturing ...
ADITYA INFOTECH LTD.
Aditya Infotech Ltd. (AIL) – the technology arm of Aditya Group, is ...
R P TECH INDIA
R P Tech is recognized for its diverse products portfolio, value-add...
SONATA INFORMATION TECHNOLOGY LIMITED
Sonata Software Limited is a leading Modernization engineering company...