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SoftBank's Vision Fund acquires stake in Flipkart

Reuters  |  MUMBAI 

(Reuters) - tech fund backed by Japan's has picked up one of the biggest stakes in India's leading homegrown retailer Flipkart, the headquartered firm said in statement on Thursday.

The Vision Fund has invested in via mix of direct capital infusion and buying out stakes from some of the firm's existing investors, the statement said without giving details.

will have more than $4 billion of cash after this investment, which is part of the same funding round in which Tencent, eBay and Microsoft also participated earlier.

The deal comes 10 days after SofBank's attempts to forge deal between and its smaller rival Snapdeal fell apart following months of negotiations.

(Reporting by Sankalp Phartiyal; Editing by Muralikumar Anantharaman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 10 2017. 14:21 IST