Indian e-commerce retailer Flipkart has secured a $2.5bn investment from Japan’s SoftBank Group.
The latest investment will enable SoftBank’s Vision Fund division to become one of the largest shareholders in Flipkart.
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The financing comprises around $1.5bn in direct funding, while the remaining sum of $1bn derives from the purchase of Tiger Global Management's stake in the Indian online retailer.
Flipkart co-founders Binny Bansal and Sachin Bansal told media sources: "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.”
In April, Flipkart raised around $1.4bn from eBay, Microsoft and China’s Tencent, as well as acquired eBay’s Indian operations.
The e-commerce company previously made several attempts to acquire its loss-making rival Snapdeal, however, the latter refused to accept the proposal and decided to continue operations on its own.
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By GlobalDataThese developments are part of Flipkart’s plan to consolidate its market position in India's retail industry.
