Flipkart, Indian e-commerce company, raises $1bn fund
July 30 , 2014
Flipkart, India’s largest e-commerce firm, has raised $1bn in fresh funding, a record high for an Indian internet company.
Flipkart, founded by two ex-Amazon employees, Sachin Bansal and Binny Bansal in 2007, sells books and electronics among its expanding online retail offerings. It has around 10 million registered users.
In the past seven years, the company had raised $760m. Earlier in 2014, Flipkart crossed $1bn in annual sales.
The competition in the online Indian retail market, includes firms like Snapdeal, Jabong, and Amazon.