Flipkart infuses Rs 666 crore in Ekart.

Industry:    2016-02-01

Flipkart infused Rs 666 crore in Ekart through a Singapore-based group firm on January 21. This is Flipkart’s second fund infusion in seven months into the logistics business that’s housed under a newly created entity called Instakart Services after it bought back Ekart from WS Retail. Klick2Shop Logistics Services International previously invested Rs 127 crore in Instakart Services in July. The latest fund infusion comes at a time when Flipkart is looking to maintain its lead in the etailing market, which is estimated to expand to $36 billion (about Rs 2.45 lakh crore) in 2016-17 from $11billion in 2014-15, according to Goldman Sachs, as it competes with Amazon’s logistics prowess. ET reported on January 29 that Ekart had expanded its total warehouse space to 1.6 million sq ft at the end of 2015 across 17 delivery or fulfilment centres. Snapdeal has infused Rs 250 crore into GoJavas in two rounds of funding. “It’s almost like a c .. Read more at: http://economictimes.indiatimes.com/articleshow/50799316.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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