Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of Technology Delhi who worked for Amazon.com. Core to its success in India, Flipkart offers multiple payment methods: credit card, debit card, net banking, e-gift voucher, Cash on Delivery and Card on Delivery.
Last week, according to a media report, South African media giant Nasper is leading a $150-million investment in the company, a deal which is said to secure the company’s finances for next three years. Silicon Valley’s Iconiq Capital is also entering the deal while legacy investors Tiger Global and Accel Partners are putting in more funds. Nasper is ponying up $90 million, which values the company at $800 million today. The Bangalore-based e-tailer expects to hit $400 million in sales this year and may actually break into the black.
