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Flipkart gets $1 bn from global venture funds
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SME Times News Bureau | 30 Jul, 2014
India's largest e-commerce market player Flipkart Tuesday announced it
had raised a whopping $1 billion (Rs.6,015 crore) in fresh capital from
global venture funds.
"We will use the fresh funds for long-term
strategic investments in the country, especially in mobile technology,"
the city-based company said in a statement here.
The latest round of funding was co-led by the company's investors Tiger Global Management and Naspers.
Singapore's
sovereign wealth fund GIC participated in the financing round along
with its existing venture investors Accel Partners, DST Global, ICONIQ
Capital, Morgan Stanley Investment Management and Sofina.
"We
believe internet will improve the quality of life for millions of
Indians and e-commerce will play a big role in this change," Flipkart
founder and chief executive Sachin Bansal said on the occasion.
The
fresh equity comes months after the company touched $1 billion in gross
merchandise volume, an indicator of total sales value of goods sold
through a marketplace in a specific period.
"We plan to make shopping online simpler and more accessible through technology," co-founder Binny Bansal said.
With 22 million users and four million daily visits to its portal, the firm handles five million shipments a month.
"As
the number of internet users across the country rapidly increases from
243 million currently, we want to empower as many citizens to shop or
sell online, where mobile platform will accelerate the growth," Sachin
Bansal said.
With a projected 500 million internet users by 2020,
the company plans to take advantage of the huge opportunity by focusing
on mobile technology.
"The fresh capital will enable us to
invest in new products and accelerate the momentum to become a
technology powerhouse," said Binny Bansal.
The seven-year-old
company says it offers over 15 million products across 70 categories,
including books, media, consumer electronics and lifestyle.
To
stay ahead of competition from global e-commerce players like Amazon and
eBay, Flipkart acquired rival and leading fashion e-tailer Myntra.com
May 23 for an estimated $300 million (Rs.1,800 crore) to ramp up its
focus on fashion.
Pioneering innovation in the supply-chain
ecosystem, the company launched dedicated logistics and was the first to
offer cash on delivery to change the way consumers bought products
online.
"We also focused on making the online shopping experience
seamless by unveiling the 30-day replacement policy, offered 24x7
customer support and introduced same day delivery in 50 cities across
the country," the statement added.
"We will invest in training
sellers for the marketplace, providing small and medium entrepreneurs,
manufacturers and artisans a national platform to connect with millions
of customers," Sachin Bansal said.
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