GIC invests in India e-commerce giant Flipkart

[SINGAPORE] Singapore's GIC has invested in Flipkart, India's largest e-commerce company - making it one of several investors who have participated in Flipkart's latest round of funding, which raised a whopping US$1 billion.

The sovereign wealth fund confirmed its participation yesterday. In a press release, GIC said that its investment in Flipkart stems from its belief in the strong growth potential of India's e-tailing industry.

Flipkart's latest round of funding is one of the largest for any e-commerce company globally - and the single largest by an Internet company from India.