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GIC invests in India’s Flipkart

GIC joined existing investors Accel Partners, DST Global, Iconiq Capital, Morgan Stanley Investment Management and Sofina in injecting a combined US$1 billion into Flipkart.

SINGAPORE: Singapore sovereign wealth fund GIC has invested in Flipkart, India's largest e-commerce company.

GIC joined existing investors Accel Partners, DST Global, Iconiq Capital, Morgan Stanley Investment Management and Sofina in injecting a combined US$1 billion (S$1.24 billion) into Flipkart.

The injection of funds is one of the largest amounts raised for any e-commerce company globally, and the single largest raised for an Internet company from India. The new funds will be used to make long-term strategic investments in India, especially in mobile technology.

Flipkart, considered India's Amazon.com, offers over 15 million products across 70 categories including books, media, consumer electronics and lifestyle.

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