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Tiger Global adds more Flipkart equity to basket alongside Naspers

24 Aug 2012

Tiger Global Management and Naspers have helped Indian online retailer Flipkart smash its $100m investment target, it is understood.

The pair have put an extra $150m into the company, which began as an online book retailer in 2007 before diversifying into mobile phones, music and electronic items.

The business, which operates online retailer Flipkart.com, was believed to be looking to close the round between October and December this year.

Tiger is an existing investor in the business alongside fellow venture firm Accel Partners, which have previously put about $31m into the company.

Bangalore-based Flipkart generated sales of more than $100m in 2011. It hopes to hit the $1bn mark by 2015.

Earlier this month it emerged global growth investor General Atlantic was close to investing up to $100m in Indian online retailer Snapdeal.

That investment would mark GA’s first in the Indian online retail space following failed talks with rival Flipkart last year.

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