Softbank announced that it would invest at least $25bn in the fund over the next five years.
SoftBank named India-born Rajeev Misra as head of the ambitious $100-billion fund, which could be good news for SoftBank's Indian portfolio companies such as Snapdeal, Ola, Grofers, Housing, Hike and InMobi.
Softbank first announced plans in October to launch a $100 billion fund dedicated to "investments in the technology sector globally".
Under the MoU, PIF considered investing in the fund and becoming the lead investment partner. A few large global investors were also expected to participate in the fund.
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An outside public relations representative for SoftBank - Benjamin Spicehandler said that SoftBank confirmed that Apple invested. The money will be invested in emerging technologies like artificial intelligence, deep learning, robotics, and connected devices.
Apple (AAPL, Tech30) confirmed on Tuesday that it is investing $1 billion in a massive new technology fund from Japan's SoftBank Group, which has recently drawn the attention of the president-elect.
Apple is indeed investing some of its cash in a SoftBank fund that has won praise from President-elect Donald Trump for promising to put $50 billion into US tech companies.
Japan yacht SoftBank participates on first day of Americas Cup race in ny harbour. Also, it was not just the fruit company, some other big names in the industry such as Oracle founder Ellison's family office and the chipmaker QUALCOMM have also indented to invest in this fund. While SoftBank would pool in $25 billion, the sovereign wealth fund was supposed to chip in with $45 billion.