flipkart fouders Flipkart raises $1 billion to strengthen its bid to own Indias e commerce space
Flipkart claims 18 million registered users and 3.5 million visits to its site per day, and it claims to be the first e-commerce firm outside of the US to reach $1 billion in GMV (sales on its marketplace). Yet, it has two US giants breathing down its neck. Amazon quietly moved into the India market last June. It began selling books only, but now offers music, movies, electronics, fashion and other categories that Flipkart covers too.
eBay also has plans for the Indian market, after it invested in Snapdeal with a view to a future acquisition. Snapdeal itself recently raised $100 million from five investors as well, including Singapore’s Temasek Holdings.
Image via Sankarshan Mukhopadhyay / Flickr