India: Flipkart raises USD 1 billion in investment round

Wednesday 23 July 2014 14:12 CET | News

Flipkart, an online retailer, has raised over USD 1 billion (Rs 6,000 crore) in a funding round, in order to consolidate its position in the Indian ecommerce market, reports.

Half of the amount comes from existing investors Tiger Global, Russian billionaire Yuri Milners DST and Accel Partners, while the rest will come from several new investors.

Moreover, Singapores sovereign wealth fund GIC and US-based investment firm T Rowe Price are also interested in funding Flipkart. With this latest deal, Indias online retailer will have raised over USD 1.7 billion, valuing it at over USD 5 billion.

Flipkart crossed the USD 1 billion threshold in sales in March 2014 and acquired online fashion retailer Myntra two months later. It has also launched customer service initiatives like same-day delivery in multiple cities and at-home trials for certain fashion categories.

Indias online retail industry is expected to expand from the current USD 2.3 billion to USD 32 billion (Rs 13,700 crore to Rs 1.9 lakh crore) by 2020, according to research from the advisory firm Technopak.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: India, Flipkart, investment round, ecommerce, online sales, same-day delivery, Customers
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

Industry Events