Naspers Invests $71 Million In Flipkart For 16.5% Holdings

The South African Internet and media conglomerate Naspers took hold of 16.5% of Flipkart stakes with a $71 million investment. In an annual filing, Naspers stated the group invested in Flipkart for an additional interest and now holds 16% in Flipkart on a fully diluted basis.

Nasper’s filing also estimates Flipkart’s share in monthly gross merchandise value increased to 55% in March 2017, after falling to 45% in June 2016. They added Flipkart remains a large opportunity with market estimates expecting the Indian online market to reach $50 billion by 2050.

Nasper’s first invested in Flipkart’s Series D round of funding in 2012 and later led Flipkart’s Series G investment round with Tiger Global in 2014. Earlier this year, Naspers also participated in Flipkart’s latest round of funding where they raised $1.4 billion at a valuation of $11.6 billion.

According to Naspers, Flipkart culbbed with PayU and MakeMyTrip are companies that will reach their full potential in the next 3 to 5 years. They also have invested $80 million in Bundl Technologies Swiggy and hold a 14.8% interest in Swiggy on a fully diluted basis.

Recently in June, Flipkart received permission from Competition Commission of India (CCI) regarding its acquisition of e-commerce site eBay India. The unicorn company is also in talks to acquire Snapdeal, another Indian e-commerce startup.