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SoftBank investing $400M in Flipkart competitor

Published 04/02/2018, 03:08 PM
© Reuters.  SoftBank investing $400M in Flipkart competitor
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  • SoftBank (OTCPK:SFTBF, OTCPK:SFTBY) will invest $400M in Indian e-commerce company Paytm Mall in a funding round that pushes the valuation to roughly $1.9B.
  • Alibaba (NYSE:BABA) pitched in $45M in the round as a return investor.
  • Paytm Mall plans to use the funding to improve its technology and build up its logistics.
  • SoftBank will get a 21.1% stake in Paytm Mall after the investment.
  • Competition: Amazon’s Indian unit and Flipkart, which received SoftBank Vision Fund backing last summer (for a rumored $2.5B) following a $1.4B round earlier in the year that included Tencent and Microsoft (NASDAQ:MSFT).
  • Previously: SoftBank launches $930M solar power JV in India (April 2)
  • Now read: Alibaba's Ele.Me Purchase Would Be A Brilliant Move


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