Mumbai, India • India's largest online e-commerce company, Flipkart, raised $1 billion in new capital this week as the company gears up for competition with Amazon's push into the Indian market.
The company said the funds will be used to invest in expansion, especially in mobile technology.
Flipkart is sometimes called the Amazon of India. It was founded by two Indian brothers, Sachin and Binny Bansal, who left Amazon and came home to found their own online retailer.
Among the investors in the recent fundraising round are Singapore's sovereign wealth fund, GIC, along with existing investors Accel Partners, DST Blobal and Morgan Stanley Investment Management, the company said.