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News Link • Business/ Commerce

Two Former Amazon Executives Raise $1 Billion To Kill Amazon In India

•, Eugene Kim

Singapore sovereign-wealth fund GIC joined existing investors including Tiger Global Management LLC, Accel Partners, and Morgan Stanley Investment Management for today's round of funding. 

Flipkart is an online marketplace that was founded in 2007. It's where third-party vendors sell products, ranging from books and clothing to electronics. Much like Amazon Marketplace and China's Alibaba, Flipkart makes money off the transaction fee on products sold on its website.

More than 22 million registered users and 3,000 merchants currently use the Flipkart marketplace, according to The Wall Street Journal. More than $1 billion worth of products have been sold on the site over the last 12 months, it said.

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