The Big Freedom Sale by Flipkart is not over yet. According to Flipkart website, the sale has been extended till 15th August on TVs, appliances, electronics, furniture. There are several offers as well to avail – up to 50 per cent off, no cost EMI, exchange offers. The sale is on from 12-15 August. On August 10, Flipkart confirmed that SoftBank Vision Fund, the world’s largest technology-focused fund, has invested in the e-commerce company to become one of its largest shareholder. Without disclosing the amount invested, the company said: “This is the biggest ever private investment in an Indian technology company.”
In a statement, it said: “The investment is part of the previously announced financing round, where Flipkart had raised capital from three of the worlds premier technology companies – Tencent, eBay and Microsoft.
“After this financing round, Flipkart will have in excess of USD 4 billion of cash on balance sheet.”
Earlier, on July 31, news agency PTI had reported that talks for the proposed acquisition of the beleaguered Snapdeal by larger rival Flipkart seem to have broken down after almost six months of negotiations, with the fate of the deal likely to be decided by the end of the day.
The founders (Kunal Bahl and Rohit Bansal) and shareholders have not yet agreed on the terms of the deal as the former are pushing aggressively for continuing operations as an independent entity, one of the sources said.