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Indian E-Commerce Marketplace Closes $1 Billion Round of Funding

Posted on 8.04.2014

A funding round ending in the millions is a success for a lot of companies, but one in the billions is a game changer.

With the second largest population in the world, India is one of the largest untapped e-commerce markets on the planet. However, thanks to recent interest, the relatively young market is poised for tremendous growth and one Indian e-commerce company is aiming to be a dominant figure for the foreseeable future.

Flipkart, an e-commerce marketplace much akin to Amazon, has announced the reception of USD $1 billion in a single round of funding.

The funding comes after the e-commerce retailer announced a $1 billion in gross sales earlier this year. Flipkart states that they plan to use the funding to make long-term investments in India with a concentrated effort in mobile technology.

In a joint statement from founders Sachin Bansal and Binny Bansal, the two said that while they are excited about their 22 million registered users, India’s 243 million Internet users represent a large opportunity for the company to grow. They also said that their focus on mobile puts them in good position to capture users from the more than half a billion estimated mobile Internet users in India by 2020.

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“This new funding will enable us to step up our investments for innovations in products and technologies, setting us up to become the mobile e-commerce company of the future. This funding will help us further accelerate momentum and build our presence to become a technology powerhouse.”

The latest round of funding was co-led by existing investors Tiger Global Management and Naspers with contribution from other existing investors including Morgan Stanley Investment Management and Accel Partners.

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