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Flipkart’s new $260 million purchase to give it a new edge in the competition

Flipkart’s new $260 million purchase to give it a new edge in the competition

Flipkart’s new $260 million purchase to give it a new edge in the competition

Flipkart’s new $260 million purchase to give it a new edge in the competition

Bengaluru, India | Red Newswire | Dec 05, 2015 Last Updated at 03:00 PM IST.

India’s biggest online marketplace, Flipkart just purchased 34% stake in MaymyIndia – the digital mapping firm. This new $260 million (Rs. 1,600 crore) purchase is expected to enhance the company’s logistics, giving it an all new edge in the online retail competition.

Two of the Flipkart’s officials – Head of consumer experience and growth and VP of Engineering are expected to get seats on the MaymyIndia’s board. S

Flipkart plans to invest $5 million as primary capital and so bought the stake in MaymyIndia’s early funds – Nexus Venture Partners and Lightbox.

The company plans to boost its GMV to $10 billion by next year by enhancing its logistics and delivery operations by utilizing MapmyIndia’s location intelligence capabilities.

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The data from MapmyIndia will be used for address verification, facility mapping, theft minimization as well as shipment tracking in real – time.

This is Flipkart’s biggest investment  after Myntra. Flipkart reportedly raised $30 million from Nexus Venture Partners, Zenrin, Qualcomm ventures and Lightbox Ventures.

Source: Business Insider

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