One of India’s biggest online retailers is capitalizing on its global appeal — to the tune of $1 billion. Flipkart, the Indian e-commerce company, announced last week that it raised around $1 billion in its latest round of fundraising, making it the largest fundraising push ever by an Indian start-up, business news outlet Mint reported. During this latest round, Flipkart was valued at around $7 billion, more than double its valuation from this past May when it last raised money.
The e-commerce firm gained its capital from multiple investors, both old and new, including Tiger Global, Naspers and DST Global. Flipkart announced in March that it makes over $83 million in sales annually, more than its biggest Indian competitor Snapdeal. Both sites are aiming to collect capital to outpace Amazon, which announced recently it will invest another $2 billion into its Indian division following Flipkart’s push, Reuters reported. Flipkart said the money it earned will go toward logistics, marketing and discount campaigns, building new warehouses and acquiring new companies to expand its reach.
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— Jacob Passy