【】
Japanese telecom and investment giant Softbank just made sure Flipkart has plenty of cash to fight off Amazon's aggressive push into India.
The firm poured $2.5 billion into the e-commerce giant in what the company claims is the biggest ever private funding deal for a tech company based in India.
SEE ALSO:Amazon may not always have the best prices, but that doesn't stop people from shopping there anywayThe move comes after Microsoft, Ebay, and Chinese tech giant Tencent all lined up behind Flipkart with a then-record-breaking $1.4-billion investment of their own earlier this year. Between the two infusions, Flipkart now has a war chest of around $4 billion.
"Very few economies globally attract such overwhelming interest from top-tier investors," Flipkart co-founders Binny and Sachin Bansal said in a joint statement. "It is recognition of India’s unparalleled potential to become a leader in technology and e-commerce on a massive scale."
Tweet may have been deleted
It may need every penny of that arsenal. Amazon CEO Jeff Bezos has decided India is the company's top prospective market abroad and pledged more than $5 billion to expansion efforts there.
Tweet may have been deleted
Softbank, a prolific tech investor thanks to its massive $100 billion Vision Fund, previously backed Flipkart rival Snapdeal and tried to broker a merger between the two companies before talks ultimately fell through last month.
“India is a land of vast opportunity," SoftBank CEO Masayoshi Son said in a statement. "We want to support innovative companies that are clear winners in India."
Softbank's investment fund, which is now one of Flipkart's biggest shareholders, is also backed by the government of Saudi Arabia, Apple, Qualcomm, and manufacturing heavyweight Foxconn, among others.
Flipkart also recently took over Ebay's operations in India as part of the investment deal.
Meanwhile, Amazon has been making moves of its own. It successfully introduced is discount extravaganza Prime Day in the country last month and recently won approval from the Indian government to start selling groceries.
Featured Video For You
Amazon's new fashion store will let you try on almost anything for free
TopicsAmazon
相关文章
Give your kitchen sponge a rest on this adorable bed
Our kitchen sponges do a lot of work. Don't they deserve a good night's rest?"Sure," said design stu2024-12-22Catch nearly 100 Prime Day deals that are still live
UPDATE: Jul. 14, 2023, 2:30 p.m. EDT This post has been updated to reflect the latest prices on item2024-12-22Elon Musk had Tesla overstate its battery range. Tesla then canceled related service appointments.
Tesla deliberately inflated the distance a vehicle could travel on a full battery charge, and the co2024-12-22Spend $80 on P&G products and get a $20 Amazon credit
SPEND $80, GET $20 OF AMAZON CREDIT: As of August 18, you can get a $20 Amazon credit when you spend2024-12-22Olympic security asks female Iranian fan to drop protest sign
Olympic security personnel questioned a female Iranian volleyball fan Saturday when she showed up fo2024-12-22'Quordle' today: See each 'Quordle' answer and hints for August 13, 2023
If Quordleis a little too challenging today, you've come to the right place for hints. There aren't2024-12-22
最新评论