iWorld

Flipkart raises $1 billion; to focus on mobile technology

MUMBAI: Flipkart has raised $1 billion in one of the largest funding rounds for any e-commerce company, globally.

 

The round led by existing investors, Tiger Global Management and Naspers, saw Singapore’s sovereign wealth fund, GIC, as the new investor along with existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina also participating in the latest financing round.

 

The funds will be used to make long-term strategic investments in India, especially in mobile technology.

 

“We believe 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,” said founders Sachin Bansal and Binny Bansal.

 

They added, “We have close to 22 million registered users today. We handle five million shipments a month. These numbers were unheard of a few years back and we are excited about the scale we have managed to achieve. But what is even more exciting is the huge opportunity that we still see before us.”

 

India has 243 million internet users – and this number continues to grow very fast. By 2020, India will have more than half a billion mobile internet users. The platform will now focus on mobile and technology to take advantage of the massive opportunity.

 

The new funding will enable it to step up its investments for innovations in products and technologies, setting it up to become the mobile e-commerce company of the future. It will help the e-retailer further accelerate momentum and build its presence to become a technology powerhouse.

 

Over the past few years, Flipkart has led the supply-chain innovation in India. It has focused on making the online shopping experience as seamless as possible: being the first to launch 30 day replacement policy and the first player to run 24x7 customer support at scale in India, In-a-Day guarantee in 50 cities and the subscription service ‘Flipkart First’.

 

Flipkart, which recently acquired Myntra, plans to continue investing in training sellers for the marketplace, providing all small  and  medium  entrepreneurs,  manufacturers  and  artisans  a  national  platform  to connect with millions of customers.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/08/24/Kyle%20Okamoto.jpg?itok=Oao6Gq0Y
"We expect to grow with the OTT ecosystem in India" - Verizon Digital's Kyle Okamoto

The $132.1 billion US telecom giant Verizon Communications provides communications and entertainment services over mobile broadband and the US’ premiere all-fiber network, and delivers integrated business solutions to customers worldwide. More than that that it operates America’s most reliable...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/08/23/Untitled-1_14.jpg?itok=HwPdCW6c
YuppTV to exclusively air the USA T-20 series

Cricket lovers in the states, Canada and Caribbean Islands have a reason to rejoice. Leading OTT player for the South-Asian content, YuppTV has secured the exclusive broadcasting rights of the T20 matches to be held between team India and the current T20 world champions, West Indies.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/08/23/Untitled-1_2.jpg?itok=8TnmKX9m
Ditto TV sees more demand for regional content

MUMBAI: With an aim to be the default app on every internet enabled smartphone in India for content delivery, Zee’s dittoTV seems to have got its marketing pitch correct with #BeeskaTV and #DeshkaTV campaign. Poised to clock an annual revenue of Rs 150 crore (according to the statements in its...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/08/24/hungama%20connet%20brondband.jpg?itok=uvfHBTZ_
Hungama partners with Videocon's Connect Broadband

India's leading on-demand digital entertainment destination launched an exclusive entertainment service for Connect Broadband.

iWorld Broadband
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/08/22/5454.jpg?itok=7piAlbjB
TVF goes "Tripling" with Tata Tiago

Road tripping with your favourite people is bliss. We have all been there. Famous for its brainchild Pitchers and Permanent Roommates, YouTube’s series heavyweights The Viral Fever (TVF) has added a new feather to its hat.

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/08/19/Untitled-1_8.jpg?itok=OPxEo54t
Digital Media awards, best practice case studies at WAN-IFRA India

Over 35 distinguished speakers from prime news media companies from around the globe will converge and share ideas on the future of news business at the upcoming WAN-IFRA India 2016 next month.

iWorld eNews
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/08/19/Untitled-1_6.jpg?itok=IdGveyx4
Rathore urges govt. officials to aggressively use social media

Taking a cue from Prime Minister Modi’s effective use of social media, Minister of State for Information and Broadcasting (MIB) Rajyavardhan Rathore’s message to his officials is use social media aggressively for disseminating information on government.

iWorld Social Media
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/08/19/Untitled-1.jpg?itok=IOR4I5KX
Youth-targeted Olympic Channel launches 21 August

A new channel will launch just as dusk settles on the closing ceremony of the Rio Olympic Games on 21 August. Called the Olympic Channel, it will be available for worldwide audiences as an OTT offering via mobile apps for Android and IoS devices and online at olympicchannel.com. And it is being...

iWorld Over The Top Services
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2016/08/19/Untitled-3.jpg?itok=p2Bbux_5
Carlton presents 'LegendSpeak'- a digital property to engage the new face of business

Carlton has launched ‘LegendSpeak’ a unique digital property that aims to provide a sneak peek into the journey, minds and lives of the stars of the Indian startup community. LegendSpeak propagates Carlton’s philosophy of influencing, nurturing and recognizing the new faces of business. The...

iWorld Video On Demand

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories