Indian E-Commerce Sees $3 Billion Infusion Via Flipkart, Amazon
July 31, 2014
Perhaps indicating the health and potential of e-commerce in India, Flipkart, the site that has become known as the “Amazon.com of India,” confirmed this week it raised $1 billion in new funding. This most recent round, coming only a few months after it has raised $210 million, is the largest capital raise ever by an Indian Internet company and the second-largest venture investment of the year (only behind Uber’s June windfall of $1.2 billion). The company has raised nearly $1.8 billion since it was founded in 2007.
Separately, only hours after Flipkart confirmed its new round yesterday, Amazon itself released a statement saying it would invest $2 billion in its Indian e-commerce operation.
“After our first year in business, the response from customers in India has far surpassed our expectations,” Jeff Bezos, founder and CEO of Amazon.com, said in the statement. “We see huge potential in the Indian economy and for the growth of e-commerce in India. With this additional investment of $2 billion, our team continues to think big, innovate and raise the bar for customers in India.”