Flipkart raises $200 through investors

Leading e-commerce player Flipkart has managed to raise $200 million from its existing investors. This development turns out to be a single-largest round of funding for an Indian e-commerce company, and gives an edge over global competitor Amazon. South African Internet company Naspers, venture fund Accel Partners, US investment firms Tiger Global and Iconiq Capital  took part in the fifth round of funding for the Bangalore-based company. Speaking on development, Sachin Bansal, chief executive of Flipkart, said “There was a lot of scepticism about Flipkart and e-commerce in India. This funding refutes that." According to a close source, the deal values Flipkart at $1.5 billion, or over Rs 9,000 crore.