Flipkart Announces Funding from SoftBank, Calls It ‘Biggest Private Investment in an Indian Tech Company’

Flipkart Announces Funding from SoftBank, Calls It 'Biggest Private Investment in an Indian Tech Company'

In a statement on Thursday, Flipkart announced an investment from the SoftBank Vision Fund, as a part of Flipkart’s previously announced round of financing. In its statement, Flipkart pointed out that this is the biggest ever private investment in an Indian technology company, and will make the SoftBank Vision Fund one of the largest shareholders in Flipkart.

With this, Flipkart will now have over $4 billion (approximately Rs. 25,585 crores) in cash on its balance sheet, the company stated. This includes the rest of the funds raised in the latest round, which includes investment from Microsoft, eBay, and Tencent.

In a prepared statement, co-founders Binny Bansal and Sachin Bansal said: “This is a monumental deal for Flipkart and India. Very few economies globally attract such overwhelming interest from top-tier investors. It is recognition of India’s unparalleled potential to become a leader in technology and e-commerce on a massive scale. SoftBank’s proven track record of partnering with transformative technology leaders has earned it the reputation of being a visionary investor. We’re excited to welcome the Vision Fund as a long-term partner as we continue to build our business with a focus on serving the needs of all Indians, and driving the next phase of technology adoption in India.”

In recent times, Flipkart also completed the acquisition of eBay India, and was reportedly in talks to acquire Snapdeal. SoftBank is one of the lead investors in Snapdeal, though the day after Snapdeal announced that it terminated talks with Flipkart, it emerged that SoftBank was looking to invest in Flipkart.

“India is a land of vast opportunity,” said Masayoshi Son, Founder, Chairman, and CEO of SoftBank Group. “We want to support innovative companies that are clear winners in India because they are best positioned to leverage technology and help people lead better lives. As the pioneers in Indian e-commerce, Flipkart is doing that every day.”

“The Vision Fund is proud to be part of this landmark transaction which is a strong endorsement of India and its thriving economy,” added Rajeev Misra, CEO of the SoftBank Vision Fund. “We look forward to being a part of Flipkart’s journey towards becoming one of the most successful e-commerce companies in the world.”

 [Source”indianexpress”]

Newegg has an LG 2560×1080 display for $110 today

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Newegg has a good deal on an LG 2560×1080 monitor today. The online retailer is selling the LG 25UM56-P for $110 with the promo code 17FAN093at checkout. That’s a better price than you’ll find at Best Buy, where a similar LG monitor sells for $200. Amazon’s third-party marketplace has this exact display on sale for close to $160.

LG’s IPS display features the aforementioned 2560×1080 resolution, a 5ms response time, and a 60Hz refresh rate. On the back you’ll find two HDMI ports. The monitor has 99-percent fidelity to the sRGB color space, and the ability to flip into a four-screen split set-up. The display offers several game modes for RTS and FPS, but no FreeSync or G-Sync.

The display also has LG’s Black Stabilizer feature, which is supposed to make darker scenes brighter so you can see on-screen objects more easily. That could be especially helpful for gamers exploring an area in an online competitive match.

lg25um56 pLG

[Today’s deal: LG 25UM56-P 25-inch 2560-by-1080 display for $110 on Newegg]

 

 

[Source”timesofindia”]

Amazon has unveiled an early peek of Prime Day deals

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Amazon’s Prime Day is just hours away, and the online retailer wants to keep anticipation high. To that end, the company has unveiled a sneak peek at some of the deals you can expect throughout the 30-hour extravaganza.

As is typical for Amazon, the company’s preview includes some generic promises, such as up to 40 percent off gaming laptops—but a handful are truly excellent deals. We’ve picked the top three that jumped out to us. Keep these on your radar, and when Prime Day sales truly kick off at 6 P.M Pacific / 9 P.M. Eastern on Monday evening, we’ll be tracking the best of the Prime Day tech deals on PCWorld.com.

Note: To take advantage of Prime Day sales, you must be a member of Amazon Prime. This service is Amazon’s $99-a-year club that offers free two-day shipping on orders, as well as a litany of frills like free premium video and music streaming, free online photo storage, a Kindle lending library, and various promotional offers. New Prime members get a free 30-day trial, which means you can sign up, get the Prime deals, and then dump the membership before the $99 fee kicks in.

Amazon Echo for $90

amazon echo

Amazon

This is easily the best deal yet for Amazon’s smart speaker. The lowest ever price was during its pre-order period, when early adopters could snag it for $99. This undercuts that by $10, and the lowest price on CamelCamelCamel by $40. The Echo—powered by the Alexa digital personal assistant—is a fantastic smart speaker for those looking to get started with smart home gadgets.

$50 off August Smart Lock

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August

Amazon isn’t offering a specific price for this device, only saying it’s $50 off. The second generation August Smart Lock is currently $195 on Amazon. For this to be truly $50 off, we’ll expect to see the price hit $145—assuming the deal is for the second-generation device. Keep an eye on this one if you’re looking for a smart lock. 

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Kindle Paperwhite for $90

If you’ve been reading Kindle books on your smartphone, Prime Day might be the time to get yourself a Kindle Paperwhite for $30 less. This isn’t the first time we’ve seen the Paperwhite at this price—it’s the same deal as during last year’s Prime Day sale—but it’s a strong discount.

[Source”pcworld”]