Hailing the Start-up India as “the beginning of Big Bang,” Japan’s SoftBank CEO has betted big on the India opportunity and pledged to pump in $10 billion into Asia’s second largest economy.
Speaking at the Startup India conference in New Delhi, SoftBank Chairman and Chief Executive, Masayoshi Son applauded the Startup Plan, saying “this is really the beginning of Big Bang for India.” “Mobile internet will make the domestic internet market big enough, in the next 10 years India will repeat the growth China saw in the last 10 years and in my opinion, India could be bigger (than China)”.
The Japanese billionaire is all praise for “hard working and loyal” Indians. India is large country with a huge working age population who is English speaking and IT-proficient making it a jackpot investment, he added. Son displayed major interest in the growing internet and the solar sector in India. He suggested to the Indian government to develop a robust mobile phone infrastructure to resolve slow internet issues.
SoftBank Group Corp is a multi-million dollar Japanese conglomerate with operations in Internet, finance, media, marketing and many other businesses. It was established in 1981 by Masayoshi Son and is headquartered in Tokyo. SoftBank was the 62nd largest company in the world, and Son is the second richest man in Japan with the net worth of $13.6 billion
In accordance with his India plans, the bank has already put USD 627 million into online marketplace such as Snapdeal and smaller investments like property site Housing.com. Its subsidiaries have also been investing in the Indian market, Softbank Internet and Media Inc, a leading group of investors, has invested USD 210 million in ANI Technologie Pvt, which is in charge of running the Ola Cab taxi booking service. It also paid USD 200 million for a 35 per cent stake in InMobi, an Indian mobile-advertising network.
The company also has several joint ventures with Indian companies such as the Bharti Group and Bharti SoftBank, which include investments such as the Hike Messenger.
- India Writes Network (www.indiawrites.org) is an emerging think tank and a media-publishing company focused on international affairs & the India Story. A venture of TGII Media Private Limited, a leading media, publishing and consultancy company, IWN has carved a niche for balanced and exhaustive reporting and analysis of international affairs. Eminent personalities, politicians, diplomats, authors, strategy gurus and news-makers have contributed to India Writes Network, as also “India and the World,” a magazine focused on global affairs. The Global Insights India (TGII) is the research arm of India Writes Network. To subscribe to India and the World, write to firstname.lastname@example.org
- The Power of India2020.08.07National Education Policy aims to keep the current and future generations – Future Ready : Modi
- India and the World2020.07.31Indian Ocean connect: Modi brands India’s development partnership
- India and the World2020.07.31China’s envoy rejects threat narrative, focuses on win-win with India
- Diplomacy2020.07.29ISIS threat in Kerala and Karnataka