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.
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