Naspers linked to Indian e-commerce investment
Indian e-commerce company Flipkart.com, is believed to be looking for $125 million in a fresh round of funding from existing, and new investors, including SA media and Internet firm Naspers.
According to livemint.com, Flipkart is talking to existing investors: Tiger Global Management, Accel Partners, Iconiq Capital, and Naspers subsidiary, MIH, along with at least two other US-based investors for the latest round.
Flipkart raised $200 million from the four mentioned existing investors in July.
Naspers said in its report for the year ended March 2013, that it acquired a 10% interest in Flipkart for R858 million in cash in August 2012, following the completion of a 4th round of $150 million funding from MIH – part of Naspers Group – and Iconiq Capital.
Naspers says that Bangalore-based Flipkart.com is the biggest e-commerce destination in India.
With in excess of two million registered users in 2012, Flipkart claims to sell nearly 20 products per minute and is aiming at generating a revenue of Rs50 billion (US$1 billion) by 2014.
Citing sources close to the deal, livemint.com said the latest investment is being sought by Flipkart Holdings Singapore, the Singapore-based entity created in February this year by the company’s founders to get around the Indian law that doesn’t allow foreign direct investment in e-commerce companies.
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