Flipkart raises US$200 million through private equity
On Wednesday, Flipkart said that it has raised US$200 million from a clutch of private equity funds. The amount was said to be the single biggest invest in an e-commerce firm in India. The money was raised from Naspers Ltd, a South African technology group. Private equity funds Tiger Global and Accel Partners also raised the amount said Flipkart through a statement.
The three companies that raised the amount were existing investors in Flipkart, a Bangalore based company. The funds will be used by the company to build and strengthen its technology capabilities. It would also be used to bolster its supply chain, Flipkart said in a released statement.
India's Flipkart is a six year old e-commerce company. It offers products under clothing, books, mobiles & tablets and a lot more comprising its seventeen categories. The company receives more than 1 million unique visitors on its site every day. This was according to the data shown by Flipkart.
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