Business

SOFTBANK TO INVEST IN FLIPKART

SoftBank, which is already invested in online grocer Grofers and cab ola.

Softbank also tried to share swap transaction between Snapdeal and Flipkart which is the India’slargest two e-commerce website. That deal would have given SoftBank, as Snapdeal’s largest shareholder, a significant stake in Flipkart, but it was declined by Snapdeal’s founders Kunal Bahl and Rohit Bansal on Monday.

But the SoftBank founder Masayoshi Son was still eager to invest in Flipkart through his Vision Fund and Vision Fund’s planned investment is not dependent on a both e-commerce site.

The Indian Site Flipkart is the biggest challenger to the US based commerce site Amazon.

From the Sofrbank side “ It follows an independent process and judges every investment on its own merit”.

It has raised more than $93 billion from investors including Saudi Arabia’s main sovereign wealth fund and Apple.

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