According to Global Sun Solutions, E-commerce company Flipkart has raised $1 billion as it battles stiff competition in the rapidly-developing Indian market.
Global Sun Solutions says recent news that Indian e-commerce company, Flipkart had raised $1 billion from investors bears testament to the fact that the country’s e-commerce market has “come of age”.
The company started by two former Amazon employees secured the extra funding as it fights to meet increasing competition from Amazon, eBay and a host of homegrown rivals for a larger slice of India’s online shopping sector.
The new funding comes two months after it tapped investors for $210 million and represents the largest single cash injection into an Indian internet firm. Jos Feinberg, a sales trader at Global Sun Solutions said, “Convincing investors to invest sums of this magnitude takes some doing and given that some of the smartest and shrewdest investors in Asia like GIC, Singapore’s sovereign wealth fund have committed funds, clearly the market’s worth fighting for.”
Flipkart reportedly intends to invest the cash in mobile technology platforms as a way of capitalizing on the growing popularity of smartphones among Indian consumers.
Steven Aaron, VP at Global Sun Solutions said, “It makes a great deal of sense seeing as mobile users represent more than half of the company’s transactions. Compare that with a mere 5% a year ago and you get an idea of just how quickly the market in India is growing and changing. It’s an extremely exciting time.”
India’s e-commerce market is still small and represents less than 0.5% of total retail sales but it is expected to grow to $32bn by 2020. Flipkart’s main rival, Amazon, has invested significantly in the Indian market opening 5 new warehouses which allow it to expand its same-day delivery service to several cities.
About Global Sun Solutions:
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