Japan’s SoftBank to aquire 20% stake in bKash
Japanese tech investment giant SoftBank is going to enter Bangladesh by acquiring 20% of stake in the mobile financial service (MFS) giant bKash.
Brac Bank Ltd, the majority owner of bKash, in its board meeting approved the relevant share purchase and subscription agreement among bKash, its existing shareholders and the proposed investor SoftBank Vision Fund II BEAM (DE) LLC.
The SoftBank Fund, which invested in India’s e-commerce platform FlipKart, would make both primary and secondary investments in bKash, Brac Bank disclosed in a price sensitive information on Wednesday evening.
The bank also announced that the new investment would not change its shareholding in bKash.
This means the new investor will get some fresh shares and buy bKash stake from any one or more of the existing investors that include Money in Motion, Alipay, the International Finance Corporation, the Bill and Melinda Gates Foundation, and the bKash Employee Share Option Plan Trust.
Earlier, SoftBank Vision Fund I invested in the Indian MFS firm PayTM.
bKash is the MFS pioneer and the leading MFS company in Bangladesh. It is also the first unicorn in the country.
A startup having a billion dollar in valuation is called a unicorn.