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Bangalore, Nov 1, 2011 (IRG) - Private equity firms The Carlyle Group and General Atlantic are in talks to jointly invest about $150 million to $200 million in India's online retailer Flipkart for a minority stake, according to two sources with knowledge of the deal.
A deal is being held up due to differences in valuation between Flipkart and the investors, one of the sources told Reuters. Bangalore-based 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.
Flipkart generated $11 million in sales last financial year, and expects revenue to reach $100 million this year. It is targeting $1 billion in revenue by 2015. The company, set up by two ex-Amazon.com software developers in 2007, received its first round of funding worth $1 million by Accel Partners in 2009, followed by Tiger Global's $30 million investment in two tranches.
Topic: Press release summary
Sectors: E-Business
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From the Asia Corporate News Network
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