TOKYO -- SoftBank Group has reached a broad agreement to combine Flipkart, India's top e-commerce company, with third-ranked Snapdeal to more effectively take on rapidly encroaching American titan Amazon.com.
The Japanese telecommunications company, Snapdeal's top shareholder, has been holding talks with Flipkart investors Microsoft, eBay and Tencent Holdings. Looking to own 20% of the combined entity, SoftBank plans to put in more money via its massive joint investment fund.
