Diabytes
Softbank investment News
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SoftBank is planning to cut around 150 staff globally at its Vision Fund Unit and SoftBank Group International.
Layoff move comes after SoftBank’s subsidiary the Vision Fund suffered a record $50 billion loss.
SoftBank has invested heavily in Indian tech startups in recent years.
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The SoftBank-led investor group will acquire two of the new board seats, with the remaining four going to independent directors.
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The fund is likely to be a so-called cornerstone investor in ZhongAn`s up to $1.5 billion IPO.
The deal comes just 10 days after SoftBank`s attempts to forge a deal between Flipkart and smaller rival Snapdeal - and thwart Amazon`s ambitions in India - fell apart following months of negotiations.
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The investment is part of the previously announced financing round, where Flipkart had raised capital from China`s internet company Tencent, eBay and global technology giant Microsoft.
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Arora, 48, who joined SoftBank in September 2014 with an annual salary of $73 million (around Rs 500 crore).
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