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Carlyle, General Atlantic in talks to invest in Flipkart

Carlyle, General Atlantic in talks to invest in Flipkart
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First Published: Mon, Oct 24 2011. 06 00 PM IST

A file photo of Sachin Basal CEO and Binny Bansal COO of Flipkart.com
A file photo of Sachin Basal CEO and Binny Bansal COO of Flipkart.com
Updated: Mon, Oct 24 2011. 06 00 PM IST
Mumbai: United States (US) private equity firms Carlyle Group and General Atlantic are in talks to jointly invest about $150 million to $200 million in India’s online retailer Flipkart, two sources familiar with the matter told the news agency.
The two private equity firms will pick up a minority stake in Flipkart after their investment, said the sources, declining to be named as the talks are not public yet.
A file photo of Sachin Basal CEO and Binny Bansal COO of Flipkart.com
A deal is being held up due to differences in valuation between Flipkart and the investors, one of the sources said.
Sachin Bansal, chief executive officer (CEO) and co-founder of Flipkart, declined to comment when reached by the news agency. Carlyle also declined to comment, while General Atlantic did not immediately respond to mail seeking comment.
Flipkart is India’s biggest online bookseller, with over 10 million titles distributed from warehouses in five cities. It also sells mobile phones, appliances, gaming consoles, music and movies.
It generated $11 million in sales last financial year, and expects revenue to cross $100 million this year. It is targeting $1 billion in revenue by 2015.
Bangalore-based Flipkart had earlier raised $31 million in funding from US venture capital firms Tiger Global Management and Accel Partners, which has a stake in Facebook.
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First Published: Mon, Oct 24 2011. 06 00 PM IST