Flipkart, India's largest online retailer, raised $1 billion in the company's latest round of fundraising, making it the largest venture investment ever attained by an Indian Internet company. It was the second largest investment in the world, behind Uber's $1.2 billion venture, reported The New York Times.
Flipkart was founded by two former Amazon employees and has raised $760 million since its launch in 2007, reported Reuters. The online marketplace sells more than 70 categories of goods and services—through third party vendors—and gets more than four million visits a day from 22 million registered users.
The retailer is aggressively trying to compete as Amazon (NASDAQ:AMZN) rapidly expands into the Indian market.
The latest fundraising was led by investment firms Tiger Global and Naspers. Other investors included venture capital firm Accel Partners, Morgan Stanley Investment Management, Sofina of Belgium and Singapore's sovereign wealth fund GIC.
The fundraising comes only months after Flipkart announced it raised $210 million. And earlier this month, Flipkart acquired fashion retailer Myntra for $330 million, fending off rivals bidding for a slice of India's fast-growing Internet market.
Flipkart's co-founder, Sachin Bansal, said the company was not considering going public yet.
Estimates of India's rapidly growing online retail industry vary greatly, but it represents less than 1 percent of the country's $500 billion retail market.
-See this New York Times article
-See this Reuters article
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