Flipkart vs Amazon: It's a two-horse race in India
Flipkart vs Amazon: It's a two-horse race in India
Flipkart Announces Funding from SoftBank, Calls It 'Biggest Private Investment in an Indian Tech Company'
12 August, 2017, 00:13
In India, investments by Son, with SoftBank and the Vision Fund, is valued at over $6 billion, with stakes in taxi-hailing app Ola, hotel room aggregator Oyo Rooms, advertisement aggregator InMobi, a joint venture with Bharti Enterprises and Foxconn for setting up solar and wind farms, besides those in Snapdeal and Paytm. There is a lot of market to go for - in 2016, only 1.7% of India's total retail sales were online. Primary capital is the investment directly made into the company, whereas, the secondary capital is buying shares from existing stakeholders.Though Flipkart did not confirm the amount invested, Mint quoted 3 people directly aware of the development.
This is vital ammunition as it seeks to retain its market share lead over Amazon India, which has received capital commitments of $5bn from its U.S. parent. "It will not be easy for Flipkart to go against it", he said adding that the world will be ruled by artificial intelligence, robotics and machine learning, and that Amazon is way ahead of the market is using these new technologies to remain the world leader over the next 5-7 years.
Softbank's Vision Fund, one of the world's largest tech-focussed investment funds has invested, from what sources tell CNBC-TV18 about Dollars 2.5 billion in Flipkart.
The latest deal further consolidates SoftBank's position in one of the fastest-growing e-commerce markets in the world, where it invested $1.4 billion in another Internet firm One97 Communications just three months ago.
SoftBank was supposed to invest $1.52 billion in the proposed merged Snapdeal-Flipkart entity, but after the talks fell through, SoftBank chairman Masayoshi Son said that he respects the decision of the founders and chose to focus the fund's effort in Flipkart.
Amazon, on its part, has pumped in close to $600 million across various units in India since January this year. Till date, Flipkart has raised about $4.6 Bn funding in 14 rounds, excluding the current round. In fact, SoftBank Chairman and Chief Executive Officer Son is an early backer of Alibaba, the e-commerce company that dominates China, a market that Amazon has not been able to crack.
"India is a land of vast opportunity". But its efforts were thwarted after the founders of Snapdeal -Kunal Bahl and Rohit Bansal - resolved to stay independent.
Earlier reports had suggested that Softbank was in talks with Flipkart to invest at least ₹10,000 crores. This deal makes SoftBank one of the largest shareholder in Flipkart. "As the pioneers in Indian e-commerce, Flipkart is doing that every day".
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