New Delhi: Indian e-commerce marketplace Flipkart has raised $1 billion (about Rs 6,013 crore) in one of the largest funding rounds for any e-commerce company globally - and the single largest round by an internet company from India.
Co-led by existing investors Tiger Global Management and Naspers, the funds will be used to make long-term strategic investments in India, especially in mobile technology, said the company.
Singapore's sovereign wealth fund, GIC, along with existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina, also participated in this latest financing round.
This milestone comes within months of Flipkart becoming the first e-commerce company out of India to hit $1 billion in Gross merchandise volume (GMV).
"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," said, Flipkart's founders Sachin Bansal and Binny Bansal.
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