Flipkart rakes in $1 billion from investors.
India’s online retail giant – Flipkart – has managed the biggest round of fund-raising in the Indian e-commerce industry. Flipkart managed to rake in a $1 billion, pumping the company’s valuation to a pegged $7 billion.
Singapore investors – sovereign wealth fund – GIC was the latest group to invest into Flipkart’s mega vision. The Banglore-based company which was started by Sachin and Binny Bansal in 2007 has acquired a mammoth share in the Indian e-commerce business, putting foreign competitors like Amazon on the edge.
Sachin Bansal – CEO and co-founder of Flipkart – said, “We were a little kid waiting to grow up. Now we have grown up with this funding.”
The funding was led by some of Flipkart’s staple investors – Tiger Global and Naspers along with DST Global, Accel Partners, Iconiq Capital, Sofina and Morgan Stanley.
In May 2014 – just a few days after the company’s acquisition of online fashion portal Myntra – the company managed to rake in $210 million from Russian Billionare Yuri Milner’s DST Global.
Arch rival Amazon – On Monday, July 28, 2014 – announced the opening of 5 more warehouses in India, the move will double the US-based company’s storage to over half-a-million square feet.
Flipkart co-founders Sachin and Binny Bansal’s vision for their company is to make it the India’s premiere internet company to have a valuation of $100 billion.