The company plans to use the new funds raised in the expansion of its team and entrance into new markets.
Startup investors continue to show preference to backing more experienced founders, with the proportion of founders with at least five years experience going up from 55 percent in 2017 to 82 percent this year.
Flipkart-Walmart deal: Co-founder Sachin Bansal to offload his 5.5% stake in firm after US retail giant's investment
There have been reports about Sachin exiting Flipkart after the Walmart deal is sealed.
Walmart-Flipkart: Alphabet, US retail giant likely to buy up to 75% stake; deal to be announced before end of week
Sources said that Flipkart Group Chief Executive Binny Bansal held a closed-door meeting with the firm’s top leadership at its Bengaluru headquarters on Monday, and one added that Bansal said that Flipkart co-founder Sachin Bansal would exit after the Walmart deal is sealed.
Flipkart buys back shares worth $350 million to convert into pvt ltd firm ahead of potential deal with Amazon or Walmart
Amazon is believed to have offered Flipkart a higher valuation of about $22 billion, along with a break up fee of $2 billion, compared to Walmart's $18-20 billion valuation of the Bengaluru-based company
Portea had previously received $9 million Series A funding from Accel, Qualcomm Ventures and Ventureast in December 2013
Narayana Murthy and Azim Premji are at opposing ends of the e-commerce battle, with the Infosys co-founder partnering with Amazon and the Wipro chairman having investments in Myntra and Snapdeal.
Brands have woken up to the bounties afforded by tying up exclusively with e-commerce sites like Flipkart and Amazon.
Snapdeal has lined up a host of new products and services, focussing on the fashion vertical, in an attempt to give rivals Flipkart and Myntra a run for their money.
Mobiles and books will be delivered within 90 minutes to three hours of an order being placed. The pilot project will be tested in Mumbai and Bangalore since that is where Amazon has its fulfillment centres.
Why would Flipkart, the poster-boy of the country's online shopping movement move from clicks to brick-and-mortar?
Apparel, health, home furnishings, fragrances and cosmetics are the few categories which have shown growth in the last 12 years, with apparel being the strongest with 66 percent
Earlier this month, Flipkart had announced raising $1 billion in a single round of funding, while rival Amazon announced upping its India operations investment to $2 billion, the very next day.<br />
Training will be offered in subjects like cataloguing, customer communications and social media marketing and Flipkart is promising 100 percent placement after the training programs.
Flipkart is partially in the league of capital intensive companies.
As for Snapdeal's own plans, Bahl told the paper that his vision includes having one million sellers on the site in the next three years.
While the companies dole out discounts to woo more buyers and gain market share, it is the customers who will emerge the ultimate winners
With Amazon announcing it would invest $2 billion in its India operations one wonders what exactly the company has in store for the country. While that might take some time to unravel it's worth taking a quick look at the team Amazon CEO Jeff Bezos trusted with the funds,<br />
Founded in 2007 by two former Amazon employees - Sachin Bansal and Binny Bansal - Flipkart has raised $760 million since its launch, not including the recent funds raised.<br />