About 50 employees are set to share in the spoils with an estimated Rs 43 crore being allocated as returns on the employee stock option plan (ESOP).
The online marketplace's efforts to strengthen its vendor network were bolstered by initiatives such as Amazon Tatkal, which allows merchants to on-board in under an hour, say analysts tracking India's e-commerce market.
SoftBank-backed Housing will feature select new projects on its online platform and make use of PropTiger's offline services to seal transactions with customers as part of this arrangement.
Amazon India is expected to preempt rival Flipkart’s Big Billion Day (BBD) event, which starts October 3, by launching its Great Festival Sale on October 1.
The round has been co-led by existing backer Sequoia Capital, along with Sofina, Lightspeed Ventures & Times Internet Ltd, part of Times Group which publishes The Economic Times.
Kotak’s estimate is one of the lowest for the market, with earlier reports estimating the market would be worth $50 billion by 2020.
The partial exit comes as Wipro chairman Azim Premji's family office, PremjiInvest, invests about Rs 200 crore in the Delhi-based company.
Founded by Sriharsha Majety, CEO, along with Rahul Jaimini and Nandan Reddy, Swiggy is regarded as one of stronger players in a market which has seen several casualties.
Indian e-commerce giants like Flipkart, Snapdeal will take 10 years to become large businesses: Rajan Anandan
"(India has a) very large (internet) user base but a very small addressable market for the businesses we have decided to build so far," said Anandan.
"With over two-and-half decades in retail working with diverse brands, he is the perfect fit at a time when these brands will undergo a dimensional change by being the lead engines of our omni-channel strategy," said Ananth Narayanan, CEO, Myntra.
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