PM Modi, Softbank's Son discuss more investments after big tech bets: Report

The Japanese firm has injected more than $14 billion into India's tech industry

FPJ Web DeskUpdated: Monday, May 23, 2022, 05:52 PM IST
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Fundraising has become much more difficult this year for Indian startups after attracting a record $35 billion in 2021 | PIB

Prime Minister Narendra Modi and SoftBank Group founder Masayoshi Son met on Monday to discuss more investments by the country's biggest tech backer, as a startup boom appears to cool in India amid worries about the global economy, Reuters said.

The Japanese firm has injected more than $14 billion into India's tech industry, including in payments app Paytm whose market value has sunk since listing in Mumbai in November.

Fundraising has become much more difficult this year for Indian startups after attracting a record $35 billion in 2021, while Softbank this month posted a record $26.2 billion loss at its Vision Fund investment arm. "Further propelling Japanese investments in India," Indian foreign ministry spokesperson, Arindam Bagchi, said on Twitter posting pictures of Modi and Son in a meeting in Tokyo.

(With Reuters inputs)

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