Boom, money time. Naspers and Tiger Global have invested US$150-million in Indian ecommerce giant Flipkart in its latest round of funding.
While Naspers is new to the party, Tiger Global is a long-time investor in the company. In January, it contributed to the US$150-million. The funding effort suggests that the investing companies still see a big future for Flipkart despite the fact that things haven’t been easy in the ecommerce space of late.
According to Indian ecommerce site DeaCurry, Flipkart has had to put a minimum price cap on orders that qualify for free delivery.
It’s also had to carry the cost of competitor Lets Buy, which it bought back in February. The buyout was intended to help consolidate Flipkart as an ecommerce force in the country. Following the buyout anyone visiting the site was redirected to Flipkart. The ecommerce giant itself started out selling books and has since moved on to selling electronics, as well as mobile devices and accessories.
Ibibo is a social network co-owned by Naspers and Chinese web giant Tencent.