This is big. This is India’s biggest ever e-commerce funding round. E-commerce titan Flipkart has just revealed it has secured $200 million in investment from existing investors. Those include Tiger Global, Naspers, Accel Partners and ICONIQ Capital.
According to the NextBigWhat blog, Flipkart CEO and co-founder Sachin Bansal said today:
We are getting into a bigger league than what we have done so far. […] We will also make investments in talent pool. There is no ready-made talent in India. We will invest heavily on creating and hiring such talent.
As revealed by recent financials from South Africa’s Naspers, Flipkart is effectively worth $1 billion on paper. Flipkart’s previous fund-raising was worth $150 million last August. Bansal also revealed today that Flipkart is on track to hit $1 billion in sales by 2015.
Flipkart has recently diversified by launching its own marketplace for third-party merchants and then launching its own Paypal-like service called PayZippy.
Amazon launched in India last month with the Amazon Marketplace, but investors seem confident in Flipkart maintaining or extending its lead in the country.
We’ll update this developing story if new details become available.