SoftBank backs Flipkart with $2.5 billion to take on Amazon

Biggest investment ever in Indian internet space; helps Flipkart shore cash reserves to $4 bn

Leading e-commerce company Flipkart has raised around $2.5 billion from SoftBank Vision Fund, the $100-billion tech focused venture fund floated by Masayoshi Son. This makes the SoftBank Group a top investor not just in Flipkart but also in the entire e-commerce universe in India. The fundraising  pegs the value of Flipkart perhaps at an estimated $11.6 billion, the same as it was in April during the previous round, a source said. But there were others hinting at a down round that valued Flipkart lower. 

The latest announcement comes just days after SoftBank failed to merge Snapdeal, where it was the