Indian website bags One Billion Dollar funds

Posted : July 30, 2014 at 4:15 pm IST by ManaTeluguMovies

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Flipkart, India’s biggest online retailer, reported a whopping $1 billion in fresh capital, illustrating its appeal to global investors Flipkart was valued at nearly $7 billion in the latest round of fund raising.

The money was raised from existing investors including Tiger Global, Naspers and Government of Singapore Investment Corp., the city-state’s sovereign wealth fund. The fund raising, the largest-ever by an Indian startup and among the largest-ever by any Internet startup globally, greatly boosts Flipkart’s ability to take on Amazon India and widen its lead over other rivals.

Flipkart’s chief executive officer Sachin Bansal says the company has shown that India can produce a $100 billion company in the next five years, Flipkart is the leader in India’s fast-growing e-commerce market, valued at $3.1 billion by brokerage CLSA, ahead of firms such as Snapdeal, Shopclues and Jabong and clocked in monthly gross sales of over $83 million.