Flipkart makes it big!

By : |July 30, 2014 0

BANGALORE, INDIA: Flipkart has announced that it has raised US $1 billion.

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.

Flipkart’s founders Sachin Bansal and Binny Bansal commented on the funding: “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.”

                                 

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The founders also claimed that they have grown close to 22 million registered users today and handle 5 million shipments a month.

“India has 243 million internet users – and this number continues to grow very fast. We want to enable every Indian to either shop or sell online. And we believe that the power of the mobile internet is going to help us achieve this goal.

By 2020 India will have more than half a billion mobile internet users. Our intense focus on mobile and technology puts us in a unique position to take advantage of this massive opportunity. 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.”

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