Will Flipkart become India's first billion dollar Internet Firm?
Flipkart Online Services Pvt Ltd is close to raising $150mn in a PE round of funding from the privaty equity firm General Atlantic Partners.business Updated: Jul 30, 2011 10:40 IST
Flipkart Online Services Pvt Ltd is close to raising $150mn in a PE round of funding from the privaty equity firm General Atlantic Partners.
If successful, the online company which runs India's top e-commerce site flipkart.com will be the first Indian internet firm to join the billion dollar club, giving the Indian e-commerce market a tremendous boost.
While Twitter, a global phenomenon is valued at $8bn, having Flipkart valued at $ 1bn would put it alongside online companies in the silicon valley.
This though could'nt have been done at a better time with Amazon, one of the worlds largest e-commerce companies, announcing its plans to enter the Indian market, set to give Flipkart a tough time if not dwarf them.
Flipkart had earlier denied an acquisiton proposal by Amazon leaving Amazon with a tough time to partner with other incumbents.
However, with Flipkart now inching towards being valued at 1bn, Amazon may just make Flipkart an offer its investores won't let it refuse. This however will limit the growth of multiple palyers in the e-commerce market considering the fact that it still has enough space for multiple players.
First Published: Jul 29, 2011 17:42 IST