Bangalore, July 30 2014: India’s largest e-commerce operation, Flipkart, has raised fresh capital to the tune of a billion dollars the single largest round of investment by an internet company from India.
Co-led by existing investors Tiger Global Management and Naspers, the funds will be used to make long-term strategic investments in India, especially in mobile technology. Singapore’s sovereign wealth fund, GIC, along with existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina, also participated in this latest financing round.
Flipkart’s founders Sachin Bansal and Binny Bansal whose own net worth in the company from their 15% holding now crosses $ billion ( according to the Times of India this morning) said: “We believe the internet will improve the quality of life for millions of Indians, and e-commerce is going to play a huge role in this change. The focus at Flipkart is to continue to make shopping online simpler and more accessible through the use of technology.
Launched in October 2007, Flipkart, is currently 14000 people strong. It has about 22 million registered users today and handles 5 million shipments a month.
India has 243 million internet users and by 2020 is expected to have more than half a billion mobile internet users.
See yesterday's story about Flipkart and Chinese mobile maker Xiaomi