Indian online retailer Flipkart raises $1 billion
MUMBAI, India (AP) — India's largest online e-commerce company, Flipkart, says it has raised $1 billion in new capital as the company gears up for competition with Amazon's push into the Indian market.
The company says 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 who left Amazon and came home to found their own online retailer.
Flipkart says it has 22 million registered users and handles 5 million shipments per month.
Amazon's India division has been making a big push in the country's small but fast-growing online retail market. It has been running front-page advertisements in newspapers and touting one-day delivery.
Flipkart itself recently acquired Indian online fashion retailer Myntra to strengthen market share.