Softbank founder Masayoshi Son said that the Tokyo-headquartered amalgamate remains “engaged” with Flipkart, India’s largest e-commerce company, with the comments that have been coming after the accession of its portfolio company Snapdeal the firm was managing the collapse.
At the time of the fallout of acquisition discussions, a Softbank spoke person said that “Supporting Entrepreneurs and their vision and aspiration is the heart of Masayoshi Son’s and Softbank’s investment philosophy.As Such we respect the resolution to follow an independent strategy. We look forward to the results of the Snapdeal 2.0 strategy and to remaining invested in the vibrant Indian e-commerce space”
Sources that are interconnected with Softbank had told ET that the Softbank would now “go back to the drawing board” about the proposed investment done in Flipkart, following the negotiations between the Bengaluru-headquartered online retailer and Snapdeal, in which it owns approximately about 33%.
Softbank has indicated that it will continue to work on its plans to invest in an e-commerce company, Flipkart. Softbank has flushed over $900 million in Snapdeal till date.
Now, Flipkart has already lost its bet on Snapdeal and has no hopes of further development in the same.However, Flipkart needs more funds to come in peace with its competitor, Amazon. The question that arises now is, will the Softbank investment plan survive or fall out like the acquisition deal with Snapdeal? Or will this take a positive turn?