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SoftBank bolsters Flipkart's firepower to challenge Amazon in India

Reuters  |  MUMBAI 

By Sankalp PhartiyalMUMBAI (Reuters) - India's Flipkart has secured nearly $2.5 billion in funding from Japan's SoftBank Group, giving the online retailer more firepower to compete with Amazon in the country's burgeoning e-commerce market.SoftBank's Vision Fund, the world's largest private equity fund, will invest close to $2.5 billion in Flipkart via primary and secondary share purchases, two sources familiar with the matter told Reuters.Flipkart, which raised $1.4 billion in April from China's Tencent, online marketplace eBay and software giant Microsoft, will now have more than $4 billion ...

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First Published: Thu, August 10 2017. 20:34 IST