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India’s Flipkart raises $1 bn to tackle Amazon

29
Jul
2014

Indias top e-commerce company Flipkart said Tuesday it had raised $1 billion (60 billion rupees) in funds as it battles US giant Amazon for supremacy in the hyper-competitive local market. Flipkart, set up in 2007 by two former Amazon employees, said Singapore sovereign wealth fund GIC was among those to participate in the fundraising, the latest cash injection into the e-commerce market. The fresh round of funding is a great milestone in the e-commerce industry of India, Flipkarts co-founder Sachin Bansal told reporters in Bangalore. Very few Internet companies in the world could have raised such funds publicly. Flipkart is the countrys biggest online shopping portal in an e-commerce market that is still puny next to Chinas. But the market, whose sales reached $2.3 billion in 2013 according to Indian consultancy Technopak, is expanding rapidly, with venture capitalists pouring money into the sector, scenting potential.

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