Flipkart raises USD 200 million
Flipkart, India's largest e-commerce platform, has raised USD 200 million from its existing investors including Naspers, Accel and Tiger Global.
It is the largest amount to ever be invested in an e-commerce company in India, said the company. The funds will be used for building and strengthening Flipkart's technology capabilities, bolstering the robust supply chain and developing the talent pool.
Sachin Bansal, co-founder and CEO of Flipkart.com, said, "This investment validates the belief that our investors have not only in our capabilities as a market leader - but also in the potential of e-commerce in India. We are building a world-class organization that has always led from the front, taking advantage of and even creating a plethora of opportunities for the e-commerce industry."
"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 USD 1 billion GMV by 2015 but also help us achieve bigger milestones in the future."
Binny Bansal, co-founder and COO of Flipkart, said, "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. Each round of funding has come at a strategic point during our growth.
"Our aim is to continuously improve the shopping experience for customers and provide sellers with a highly scalable platform on which to do business."
(Posted on 10-07-2013)