Flipkart secures USD 200mn from Naspers, Accel, Tiger Global
Flipkart, India’s largest e-commerce platform, has raised USD 200 million from its existing investors including Naspers, Accel and Tiger Global. It is the largest amount to ever be invested in an e-commerce company in India. The funds will be used for building and strengthening Flipkart’s technology capabilities, bolstering the robust supply chain and developing the talent pool.
Sachin Bansal, Co-founder and CEO of Flipkart.com said, “This investment validates the belief that our investors have not only in our capabilities as a market leader – but also in the potential of e-commerce in India. We are building a world-class organization that has always led from the front, taking advantage of and even creating a plethora of opportunities for the e-commerce industry. With this investment, we can now take Flipkart to the next level, pioneering technology and supply-chain innovations that will change the face of online shopping. This will not only enable us to reach our goal of $1 billion GMV by 2015 but also help us achieve bigger milestones in the future.”
Binny Bansal, Co-founder and COO of Flipkart said, "Over the last six years Flipkart has grown in strength and today we are a company that has defined e-commerce in India – and we continue to remain leaders in this space. The growth potential is enormous and our investors share this vision. Each round of funding has come at a strategic point during our growth. Our aim is to continuously improve the shopping experience for customers and provide sellers with a highly scalable platform on which to do business.”