Naspers to invest $150 m in Flipkart

South African media giant Naspers is said to be investing

$150 million (Rs 834 crores) in online retailer Flipkart, a deal which would secure the company’s finances for the next three years. Along with Naspers, Iconiq Capital will also infuse fresh funds while existing shareholders Tiger Global and Accel Partners continue investing in the latest round of fund raise.

The Naspers-led deal values India’s e-commerce leader at around $800 million (Rs 4,448 crores). MIH India, an arm of Naspers, is investing over $90 million (Rs 500 crores) into the five year-old Flipkart.com becoming the second largest shareholder in the company after Tiger.

Flipkarts sales in the current fiscal will be nearing Rs 2,000 crores with the company targeting maiden operating profit. “The money raised in this round will be invested in expanding supply chain capacities, launching new categories and in growing the talent pool to continue building on our leadership position,” a statement from Flipkart said.

Naspers is Johannesburg-based media conglomerate with expanding presence in digital and electronic payment markets. Naspers Indian arm also holds investments in photo sharing site Ibibo along with e-commerce site Tradus.