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Ekart Gets The Funding Of $100 Mn From Flipkart

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1 February, 2016, India: Flipkart has invested US $100 million in its logistics arm Ekart. Last year in September, WS Retail Services Pvt had acquired Ekart.  Its investment deal was done through Singapore based group firm, Klick2shop Logistics Service. Klick2shop had invested around US $20 million in Ekart’s previous funding.

Flipkart, floated the logistic firm (Ekart) as a new subsidiary which falls under Instakart Services. In order to increase its stock area, the company has increased its warehouse space to 1.6 million sq ft in 2015 across 16 delivery centres. However, to counter its rival Snapdeal which earlier had made investment of US $20 million in GoJavas, Flipkart has taken a node from its board to increase the investment in logistics from US $20 million to US $600 million. Now with the raised amount, Flipkart is planning to maintain its dominance over the online retailing market. The company is expected to be US $36 billion in the year 2016-17 from about US $11 billion in 2014-15, as per Goldman Sachs report.

About Nitin Konde

Nitin Konde
Nitin's passion for covering news full with facts and information has taken him to explore new horizons in the field of journalism. He strongly believes that startups in India have great potential of changing the face of the country and is extremely passionate about covering great work happening in the startup and tech ecosystem in India.

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