Flipkart Was Valued at $1.6 bn in July When Naspers Invested


Flipkart Was Valued at $1.6 bn in July When Naspers Invested

E-commerce firm was valued at $1.6 bn in July, when South African media conglomerate Naspers made an investment in the company. Naspers, which announced its earnings on Tuesday, said that it paid $140 mn for 8.6% in Flipkart in July.

The group now has a 16.7% interest in Flipkart on a fully diluted basis, said Naspers in its interim results (pdf) for the six months ended September 2013.

At the time of investment, Flipkart would have been valued at $1.6 bn.

Flipkart is one of the few billion dollar startups that have come out of India in the recent years.

In October, the Indian e-commerce company announced that  it raised another $160 million to add to its previous round of funding. The Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital and Tiger Global have participated in the round.

The company had raised $200 mn in July from existing investors including Tiger Global, Naspers, Accel Partners and ICONIQ Capital. Earlier, Flipkart had raised $150 mn from Accel Partners and Tiger Global.

The company has set a target of reaching $1 bn in gross merchandise sales by 2015.

Aside, in June 2013, the company also acquired 80% in online bus ticketing platform redBus for about R 1 bn in cash through MIH India, its Indian subsidiary, said the interim report.

Meanwhile, Amazon, which recently entered the Indian market is close to launching a 3rd party logistics service in India.

Flipkart CEO Sachin Bansal at UnPluggd

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