Indian online retailer Flipkart raises US$1 bil. as Amazon entrance looms
July 31, 2014, 12:00 am TWN
MUMBAI, India--India's largest online e-commerce company, Flipkart, raised US$1 billion in new capital this week as the company gears up for competition with Amazon's push into the Indian market.
The company said the funds will be used to invest in expansion, especially in mobile technology.
Among the investors in the recent fundraising round are Singapore's sovereign wealth fund, GIC, along with existing investors Accel Partners, DST Blobal and Morgan Stanley Investment Management, the company said.