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Flipkart raises $2.5 billion from SoftBank’s Vision Fund

Flipkart

Shortly after merger talks with Snapdeal collapsed, Flipkart has raised investment from SoftBank's $100 billion Vision Fund. The Economic Times pegs the deal at $2.5-2.6 billion investment which will make the Vision Fund one of the biggest shareholders in the company. The investment is a mix of primary and secondary capital and the ET reports that it will give a partial exit to Flipkart's biggest backer Tiger Global. The company added that the investment was part of the previous financing round, where Flipkart had raised capital from Tencent, eBay and Microsoft. "After this financing round, Flipkart will have in excess of $4 billion of cash on balance sheet," the company said in its press release.' SoftBank was supposed to invest $1.5-2 billion in the proposed merged Snapdeal-Flipkart entity, but after the talks fell through, SoftBank chairman Masayoshi Son said that he respects the decision of the founders and decided to focus the fund's effort in Flipkart. The SoftBank Group created the new fund to invest as much as $100 billion in the technology sector globally over the next five years. The Vision Fund saw participation from Saudi Arabia’s  Public Investment Fund and will be managed by the company’s UK subsidiary. Fight with Amazon For nearly two years, the battle for dominance in e-commerce was a three-way race between Flipkart, Amazon and Snapdeal. In recent times, Snapdeal has lost out in the number of orders and users while the others have grown the share. Jeff Bezos, CEO of Amazon, continues to…

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