GIC sinks money into India’s Flipkart

It’s the country’s largest e-commerce company.

GIC, Singapore’s sovereign wealth fund, has found Flipkart attractive for investments, and has announced that it is planning long term strategic investments in India’s internet space.

In a release, GIC says that Flipkart’s latest funding which amounted to $1 billion is one of the largest for any e-commerce company globally - and the single largest by an internet company from India. GIC is participating with Tiger Global and Naspers, and also with existing investors Accel Partners, DST Global, Iconiq capital, Morgan Stanley Investment Management and Sofina.

Here’s more from GIC:

Flipkart’s pioneering efforts in putting Indian e-commerce on the global map have led to initiatives that have redefined the ecosystem, becoming trendsetters.

Innovation in supply-chain and technology has been a part of Flipkart’s DNA – including Cash on Delivery, Payzippy, a dedicated logistics, In-a-Day guarantee in 50 cities and the subscription service Flipkart First.