India’s online retailer Flipkart founded in 2007, has raised $200 million from its existing investors making it the largest investment round in India’s e-commerce history.
The firm will use the funds to up its technology, strengthen its e-book business, bolster its supply chain and datacenter. The funds will also help its strengthen its market share and take on Amazon India and SnapDeal.
Co-founded in 2007 by Sachin Bansal and Binny Bansal, not related and both ex-Amazon India employees and school mates, Flipkart is now worth $1.5 billion. According to Sachin Bansal,CEO Flipkart, the cash will improve Flipkart’s technology, logistics and help them hire high-quality talent to grow its marketplace and mobile commerce.
South Africa’s media and internet group Naspers, Tiger Global, Iconiq Capital and Accel Partners are the firm’s existing investors with Naspers owning 10 percent of the firm. Naspers recently announced a US$750 million bond for future acquisitions across.