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| VIEW EVENT INFORMATION: Flipkart |
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Amazon's Big Rival In India Just Got $2.5 Billion |
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Status: Available Now!
Type: News
Date: Thursday 10 August 2017, 12:00 AM
Media: Mashable
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About the organization Flipkart:
Type: Business
Sub-Types: Website, Internet, Store, Online Store, Retailing Agent, E-Commerce, Application Software, Telecommunication, Telecommunication Software, Shop, Online Shop |
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Notable Organizations: Flipkart, Mashable
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| 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.
The 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." |
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