Flipkart raises $1 billion, largest in Indian e-commerce field

India’s home-grown e-retailer Flipkart announced that it has raised funds worth $1 billion (over Rs.6,000 crore), the largest-ever by an Indian e-commerce firm.
Flipkart has been raising fund aggressively as it raised $210 million in May 2014. This year the e-retailer also surpassed $1 billion in gross merchandise value in March 2014 and then went on to acquire rival Myntra.com in one of the biggest deals in the e-commerce space.
As per experts, with this the company is valuated between $6 billion and $7 billion.
Flipkart co-founder Sachin Bansal, described the deal inked last week as a milestone for the Indian Internet as a whole and said that the company hoped to become one of India’s first $100 billion company in the next five years or more.
Comparing Indian Internet business with that of Chinese both Bansals believed the Indian Internet is picking up with Internet speeds on the increase, more users connecting and with ascending mobile traffic. As per them, the Indian e-commerce is still at least nine years behind Chinese.

Month: Current Affairs - July, 2014