December 1, 2014 0 Comments
Fresh from its record-breaking $1 billion Series G funding in July, Flipkart, India’s largest ecommerce company, has received an additional $600 million Series H last week, making the company one of the most valuable venture-backed startups in the world. According to its founders Sachin Bansal and Binny Bansal, who set up Flipkart in 2007, their aim is to be a 100 billion dollar company in five years. And at the rate the company is growing, they seem to be heading towards that direction. The company has experienced massive growth, hitting an annualised sales mark of $1 billion in 2014, a year ahead of its target, and they expect to close this fiscal with sales of $3 billion. Competition is also heating up. Last August, Amazon announced that it would invest $2 billion to grow Amazon’s online retail business in India. How much of a home-ground advantage does Flipkart have when competing against the North American giant? Time will tell. The one thing that we can be sure of, is that according to an article by Kartik Hosanagar in India’s Economic Times, “The real winner will be the Indian consumer”.
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