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Flipkart wants to win. | Image courtesy: @jabong

Flipkart raises $71 million to tackle India’s massive e-commerce market

Flipkart, India’s biggest e-commerce site, has raised $71 million in equity funding. The company has raised over $3.9 billion to date.

The investment came from the company’s existing investor Naspers, a South Africa-based media group an investment firm that will take a 16.5 percent stake of Flipkart, IndiaWeb2 reports.

In April the company raised $1.4 billion from Naspers, Tencent, eBay, Microsoft, Tiger Global, Accel and DST Global.

Sachin Bansal and Binny Bansal founded Flipkart in 2007 as an Amazon-like online shopping destination for India and claims to make over 5 million shipments a month.

And to reach its heavy mobile consumer base the company has partnered with visual search technology ViSenze on an image search app.

This past January Binny Bansal stepped down as CEO and Flipkart’s head of category design, Kalyan Krishnamurthy, assumed the position, YourStory reports. Bansal left the role to become Group CEO of Flipkart’s new entity that combines Flipkart, Myntra and Jabong into an Indian e-commerce powerhouse with over 20,000 members on its team.

The new investment will be used in an aggressive push to strengthen the e-commerce giant’s operations and compete with its long-standing rival Amazon.

By Ashley Paintsil

 

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