Indian e-biz leader FlipKart gets a $ 200m infusion

11th July 2013
Indian e-biz leader FlipKart  gets a $ 200m infusion

Bangalore, July 11 2013: India’s largest e-commerce platform, Flipkart, , has secured a a vote of approval from its existing investors Naspers, Accel and Tiger Global -- a $200 million investment. This is the largest amount to ever be invested in an e-commerce company in India. The funds ds will be used for building and strengthening Flipkart’s technology capabilities, bolstering the robust supply chain and developing the talent pool.
Says Sachin Bansal, Co-founder and CEO of “With this investment, we can now take Flipkart to the next level, pioneering technology and supply-chain innovations that will change the face of online shopping. This will not only enable us to reach our goal of $1 billion GMV by 2015 but also help us achieve bigger milestones in the future.”
Adds Binny Bansal, Co-founder and COO: "Over the last six years Flipkart has grown in strength and today we are a company that has defined e-commerce in India – and we continue to remain leaders in this space. The growth potential is enormous and our investors share this vision.”
FlipKart has 9.6 million registered users, ships a peak of 130,000 a day, and in the last year has added new categories like Apparel, Footwear, Toys, Accessories, Sports and fitness, and eBooks.
Last week FlipKart launched PayZippy, an online payments solution