{"id":41754,"date":"2013-07-11T09:59:33","date_gmt":"2013-07-11T07:59:33","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=41754"},"modified":"2013-07-11T10:36:03","modified_gmt":"2013-07-11T08:36:03","slug":"naspers-takes-bigger-bite-into-india","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/internet\/41754\/naspers-takes-bigger-bite-into-india\/","title":{"rendered":"Naspers takes bigger bite into India"},"content":{"rendered":"

Indian e-commerce site Flipkart.com<\/a> is reported to have raised $200 million from four of its existing investors, including JSE-listed media and Internet player Naspers<\/a>.<\/p>\n

In early trade on the JSE on Thursday, shares in Naspers surged to record highs, adding\u00a0R15.67, or 2.07% to R773.51, giving the group a market cap of R321.64 billion. It reached an intraday best level of R784.25.<\/p>\n

Naspers announced in its provisional report for the year ended March 2013, that in August 2012 it acquired a 10% interest in Flipkart for R858 million in cash, following the completion of a 4th round of $150 million funding from MIH – part of Naspers Group – and Iconiq Capital<\/a>.<\/p>\n

Naspers says that Bangalore-based Flipkart.com is the biggest e-commerce destination in India.<\/p>\n

With in excess of two million registered users in 2012, Flipkart\u00a0claims to\u00a0sell nearly 20 products per minute and is aiming at generating a revenue\u00a0of Rs50 billion\u00a0(US$1 billion) by 2014.<\/p>\n

In full-year results for 2012\/2013 the group said it aimed to cross the $100 million mark.<\/p>\n

Only last month, Naspers picked up Indian online ticketing company RedBus through subsidiary Ibibo Group for an amount believed to be between $100 million \u2013 $140 million.<\/p>\n

The fifth and latest round of investment came from hedge fund Tiger Global Management<\/a>, Accel Partners<\/a>, and investment adviser Iconiq Capital.<\/p>\n

It is believed that Naspers is the\u00a0only investor with a strategic interest in Flipkart, as apposed to a financial one.<\/p>\n

Flipkart is an online shopping site, founded in 2007 by Sachin Bansal and Binny Bansal who both previously worked for Amazon.com<\/a>.<\/p>\n

Last month Naspers reported a 27% rise in consolidated revenues, to R50.2 billion for the year ended March 2013.<\/p>\n

Growth came from organic expansion of existing businesses and\u00a0acquisitions, supplemented by the depreciation of the rand.<\/p>\n

In the aggregate, managed Internet revenues expanded 80% to R34,6 billion. Trading profits from the internet segment\u00a0were 44% higher at R6.2 billion.<\/p>\n

On e-commerce, Naspers said: \u201cWe believe online shopping is a global consumer trend and anticipate that affordable tablets and\u00a0smartphones will accelerate the uptake of services in our markets.\u201d<\/p>\n

The group said e-commerce revenues doubled to R11.4 billion, through a combination of organic growth and a few acquisitions.<\/p>\n

More on Naspers<\/h3>\n

Naspers targets mobile<\/strong><\/a><\/p>\n

Naspers reveals DStv BoxOffice figures<\/strong><\/a><\/p>\n

Naspers revenue tops R50 billion<\/strong><\/a><\/p>\n

Naspers has upside potential: analysts<\/strong><\/a><\/p>\n

Naspers to buy India\u2019s RedBus for R1.4bn: report<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Indian e-commerce site Flipkart.com is reported to have raised $200 million from existing investors including Naspers.<\/p>\n","protected":false},"author":9,"featured_media":27686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9882],"tags":[2794,6285,26,6286,6287,107,6095,4534],"class_list":["post-41754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internet","tag-accel-partners","tag-flipkart-com","tag-headline","tag-ibibo-group","tag-iconiq-capital","tag-naspers","tag-redbus","tag-tiger-global-management"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/41754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=41754"}],"version-history":[{"count":11,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/41754\/revisions"}],"predecessor-version":[{"id":41761,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/41754\/revisions\/41761"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/27686"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=41754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=41754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=41754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}