Snapdeal, Ola Bag $627 and $210 Million Respectively As SoftBank Pumps $10Bn Into India
Advertisement
Advertisement
Advertisement
The Japanese telecom giant The Chairman and Chief Executive Officer (CEO) of Japanese telecommunications and Internet firm SoftBank Corporation, Masayoshi Son, made this announcement earlier in the day.
“Since SoftBank’s foundation, our mission has been to contribute to people’s lives through the Information Revolution. We believe India is at a turning point in its development and have confidence that India will grow strongly over the next decade. As part of this belief, we intend to deploy significant capital in India over the next few years to support development of the market,” Masayoshi Son, founder and CEO of SoftBank, said while announcing the investment.
A major portion of these funds will go into emerging markets and the e-commerce industry will get a boost. Nikesh Arora, vice-chairman of SoftBank, said, “India has the third largest Internet user base in the world, but a relatively small online market currently. This situation means India has, with better, faster and cheaper Internet access, a big growth potential. We want to support the leaders and entrepreneurs of the digital future.”
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- Narcissistic top management leads to poor employee retention, shows research
- Audi to hike vehicle prices by up to 2% from June
- Kotak Mahindra Bank shares tank 13%; mcap erodes by ₹37,721 crore post RBI action
- Rupee falls 6 paise to 83.39 against US dollar in early trade