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FINANCIAL NEWS
Qatar Investment Authority acquires USD100m stake in Flipkart
21 Dec 2015
(MENAFN) In a deal that values India’s largest online marketplace at USD15 billion, American Accel Partners has sold a small stake in Flipkart to Qatar Investment Authority for a whopping USD100 million.
Accel, which funds companies from inception through the growth stage, is the 1st venture investor in Flipkart, stays the 2nd biggest shareholder in the ecommerce firm behind New York-based hedge fund Tiger Global Management.
Flipkart is an e-commerce company founded in 2007, and it’s headquartered in Bangalore, the top firm has launched its own product range under the name DigiFlip with products including tablets, USBs, and laptop bags.
The Qatar Investment Authority (QIA) is Qatar’s sovereign wealth fund, focusing on local and foreign investment; it was founded by the State of Qatar in 2005 to strengthen the nation’s economy by diversifying into new asset classes.
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