Flipkart secures more funding for Amazon battle
Indian e-commerce firm Flipkart has received US$201 million funding for its wholesale business from its Singapore-incorporated parent.
The investment comes during a period of intensifying competition between the firm and its Amazon-backed competitor in a market estimated to be worth $18 billion. It signals a prioritising of sales growth by the retailer since its acquisition by Walmart.
A report last year indicated that Flipkart has seen a more than 80-per-cent increase in transactions in recent months, prompting the company to expand into new business lines such as furniture and groceries over the next three years.
Separate reports show that Amazon also looks to invest significant funds into the market in order to challenge Flipkart’s present lead in the territory.