Flipkart, the “Amazon of India”, is raising $150 million at a $1 billion valuation, says a report by VC Circle. If true, that would make it the first internet startup in India to reach that number.The lead investor is General Atlantic Partners. Flipkart had previously raised money from Accel Partners and Tiger Global Management.
Flipkart was co-founded as an online bookstore in 2007 by two brothers who initially bootstrapped it. It’s now diversified into general e-commerce, a la Amazon. It’s now on a $70+ million revenue run rate according to the VC Circle report.
India’s e-commerce market is estimated at $1.5 billion, which isn’t a lot, but this is obviously going to grow a ton along with the rest of the country. And it’s interesting to see how Flipkart is doing given reports that Amazon is going into India this year, and looking at buying other e-commerce companies there.
Business Insider Emails & Alerts
Site highlights each day to your inbox.