Watch out, Amazon. Flipkart now has a lot more cash to splash.
The Indian e-commerce firm has announced a major new investment from the SoftBank Vision Fund, a $100 billion joint initiative led by the Japanese tech firm and the government of Saudi Arabia.
Flipkart said the cash infusion, added to $1.4 billion raised earlier this year from Microsoft, eBay and Chinese tech behemoth Tencent, leaves it with a $4 billion war chest to wield in its battle against Amazon.
SoftBank declined to confirm the exact amount the fund had invested. Flipkart did not respond to a request for comment, but said in a statement that the Vision Fund is now one of its largest shareholders.
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Flipkart has taken a series of aggressive steps in recent months to counter Amazon in India, acquiring eBay’s business in the country and pursuing a takeover of its top domestic rival Snapdeal.
Snapdeal, which is also backed by SoftBank, ruled out a purchase in July after months of negotiations.
SoftBank CEO Masayoshi Son, an ambitious deal-maker, said earlier this week that he would “respect the decision” of Snapdeal’s leadership but said he remained “engaged” with Flipkart.
“India is a land of vast opportunities,” Son said in a statement on Thursday. “We want to support innovative companies that are clear winners in India.”
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The new investment is unlikely to deter Amazon CEO Jeff Bezos, who has identified India as his top overseas target and pledged to invest more than $5 billion in the country.
Amazon made a couple of big moves last month, successfully introducing its annual sales bonanza, Prime Day, to India while also receiving approval from the Indian government to start selling groceries.