Flipkart said SoftBank’s Vision Fund committed to the deal of to compete with Amazon.com

Vastavam web: Some early Flipkart investors, employees and ex-employees are selling their shares in the Indian e-commerce firm as part of a $2.5 billion investment deal agreed with Japan’s SoftBank Group, two people familiar with the matter said on Thursday.The deal will see the Vision Fund purchasing new Flipkart stock worth about $1.4 billion and using the remainder to buy shares from existing investors.
The latest sales are part of that deal, said the people, who declined to be identified as the details of the matter are not public.One of the people familiar with the deal said that a couple of months ago, stakeholders agreed on the value of shares that would be bought by Flipkart from employees and ex-employees, and tendered by early investors as part of the deal.Both people said the Vision Fund’s investment in Flipkart had been approved by India’s anti-trust regulator.
Tiger Global did not immediately respond to a request for comment.Employees and ex-employees can tender their shares back to Flipkart at slightly more than $85, the two people said.The investment is part of the same round of funding in which Flipkart raised $1.4 billion from Chinese tech firm Tencent Holdings Ltd, U.S. online marketplace eBay Inc and U.S. software developer Microsoft Corp.In April, the online retailer said it had been valued at about $11.6 billion after the initial tranche of that fundraising.