The venture capital firm expects to raise the entire money for its $200-million third fund, called IDG Ventures India Fund III, by the end of this year.
The investment will value the US and India-based company at close to $300 million (Rs 2,000 crore), according to a source directly familiar with the development.
The online retailer is building Flipkart Maps, which will help it mark customer addresses and landmarks more accurately to make more speedy and cost-effective deliveries.
The high-profile hiring of Gupta comes at a time when it is likely to face increasing competition from US-based Airbnb’s more aggressive expansion plans in India.
Titan said in a filing that the exact stake and price to be paid for the stake is still under discussion, with a transaction expected to close in June 2015.
Flipkart to allow big brands like Samsung, Puma to create exclusive 'stores' on the digital marketplace
As a part of this initiative, Flipkart will create a self-service analytics platform called ‘Brand Hub’ where cos can target specific customer pools based on products.
The Bengaluru-based venture capital firm is investing a little over Rs 3 crore in the three ventures, which were chosen from out of a pool of 400 applicants.
Experts said such secondary sales are bound to increase as venture capital and private equity firms approaching ends of their typical 7-10-year investment cycles scramble to sell holdings.
If there is no new entry, it will be a two-horse race (between Flipkart and Amazon) by the end of the year,” said Satish Meena, a senior analyst.
The systemic surprise and shock came from the fact that Sequoia had been cooperating with the Enforcement Directorate in the Vasan investigation.
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