【】
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
Cat gets stuck in the most awkward position ever
Anyone with a cat can tell you that although their cat's claws are impressive scratching and hunting2025-01-30Masturbation May: Queer people aren't afraid to talk self
Masturbation isn't cheating, but that doesn't mean it's necessarily comfortable to speak about with2025-01-30Uber's Go/Get product showcase: Family profiles, car seats, teen safety, and more
Uber announced a whole host of updates and upgrades to its app and platform at its annual Go/Get pro2025-01-30'Clone High' review: Joan of Arc and JFK return for a super fun, self
A lothas changed in the 20 years since Clone High first aired on — then got canceled by &mdash2025-01-30This app is giving streaming TV news a second try
Watchup, the once-buzzy news video streaming service, is trying its hand again at the news game with2025-01-30Imgur to remove explicit images and old content
As of May 15, photo hosting site Imgur will remove "nudity, pornography, and sexually explicit conte2025-01-30
最新评论