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Softbank Net Profit Surges Record 50 Fold After Flipkart Acquisition

7Aug By PriyankaNo Comments

BUSINESS

Softbank Net Profit Surges Record 50 Fold After Flipkart Acquisition

Masayoshi Son led Japanese leading tech company SoftBank net profit soared more than 50-fold from a year earlier to 313.7 billion yen (USD 2.8 billion) in the latest quarter thanks to Flipkart acquisition and coworking space Wework growth in India. Last year in the same quarter, SoftBank's profits slumped to 5.5 billion yen due to its investment in Chinese e-commerce company Alibaba. Sales in the April-June quarter edged up 4 percent to 2.3 trillion yen. The value of the fund's stake in Flipkart increased 164.3 billion yen after Walmart agreed in May to buy it. Sales were flat at SoftBank's U.S. mobile provider Sprint, dropping 0.4 percent to USD 8.1 billion. The Tokyo-based company realized a one-time gain of 161.3 billion yen from the sale of a large share in the Chinese o...

Khosla Ventures To Raise $1.4 Bn As Investment Funds

Two SEC filings posted by Khosla Ventures indicates that the company will raise an additional $1.4 billion across two new venture capital investment funds. This will bring the amount of publicly known capital under management to $5.8 billion across its main venture and seeds funds. The 5.8 billion does not comprise of assets from the first two venture funds or any sidecar funds for which public filings are not available. The largest new fund, which is the firm’s sixth primary venture fund, is called “Khosla Ventures VI, L.P” and is supposed to raise up to $1 billion. The second fund seems to be focused on seed-stage deals and will be the firm’s fourth fund of this kind. This fund will be called “Khosla Ventures Seed D, L. P” and will be responsible of $400 million. The $1 billion...

Apple Looking to Invest $1 Billion in SoftBank Tech Fund

Apple Inc has held talks to invest up to USD 1 billion in a new USD 100 billion tech fund being set up by Japan's SoftBank Group Corp, a source familiar with the matter told Reuters. SoftBank is investing at least USD 25 billion in the fund and has been in talks with Saudi Arabia's Public Investment Fund (PIF) for an investment that could go up to USD 45 billion. SoftBank has said it plans to make future large-scale investments via the tech fund, rather than on its own. Some of SoftBank's moves have caused concern among analysts, as the firm wrestles with a 13.7 trillion-yen (USD 119 billion) debt pile. SoftBank and Apple were not immediately available for comment. Through the investment, Apple would hope to gain insight on emerging technologies, the Journal said, adding that the...