Indian e-commerce company, Flipkart, has just announced that it has raised $1 billion in investment funds. This investment is a boon to the company as it aims to augment its operations and compete against industry heavyweights like Amazon and eBay.
Flipkart’s investors include Tiger Global, Accel Partners, Yuri Milner’s DST Global group, ICONIQ Capital, Sofina, and Morgan Stanley Investment Management. Before today’s revelation, Flipkart previously announced that it had pulled in more than $700 million from investors.
After its acquisition of fashion-centric rival Myntra for a reported $300 million, Flipkart raised $210 million in May. Since then, the company has been busy launching its own products, such as its own series of smartphones and tablets, as well as an Amazon Prime-like service.
India’s e-commerce market has tremendous potential as online shopping and smartphone ownership rises. According to reports, come 2016, online shoppers will double to 40 million in number. In India alone, the online shopping market could increase to a value of $50 billion by 2020.
“We believe the internet will improve the quality of life for millions of Indians, and e-commerce is going to play a huge role in this change. The focus at Flipkart is to continue to make shopping online simpler and more accessible through the use of technology,” stated Flipkart founders Sachin Bansal and Binny Bansal.
Via [The Next Web]