Indian e-commerce provider Flipkart receives $1 billion funding

Bangalore, India – Indian e-commerce platform Flipkart has received about $1 billion in funding from investors including existing backer Tiger Global Management, as well as new stakeholders Morgan Stanley and Singapore-based sovereign wealth fund GIC. Flipkart operates as an online marketplace for 3,000 individual merchants, similar to China’s Alibaba.com.

Flipkart, founded in 2007 by two former Amazon.com executives, is not yet profitable. The company says it has 22 million registered users. Flipkart says it wants to become a $100 billion company in five years, and estimates of its post-funding value range from $5 billion to $7 billion. Flipkart is receiving the cash infusion as U.S.-based competitors including Amazon.com, EBay, and Wal-Mart are all stepping up their e-commerce efforts in India.
 

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