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Singapore Sovereign Wealth Invests in Indian E-Commerce Flipkart

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Singapore’s GIC Private Limited has joined existing investors Accel Partners, DST Global, Iconiq Capital, Morgan Stanley Investment Management (MSIM) and Sofina to invest a total of US$ 1 billion in Flipkart. This adds to the company’s existing US$ 770 million war chest raised. Flipkart is India’s biggest e-commerce company, competing against another Indian company called Snapdeal. Singapore’s other sovereign wealth fund, Temasek Holdings, invested in Snapdeal. Snapdeal and Flipkart are vying to be called the “Amazon.com of India.”

Flipkart has 22 million registered users and has the potential to grow as 250 million people are online in India. The capital raise reflects institutional investors’ heightened appetite in Indian e-commerce companies. The funds will be used to invest in other companies and make internal strides in mobile technology.

Flipkart co-founders, Sachin Bansal and Binny Bansal, both went to the Indian Institute of Technology (IIT). The founders are not related to each other. Both Bansals worked at Amazon before creating the online bookstore in 2007.

Amazon countered Flipkart after the company announced a capital raise. Amazon is investing US$ 2 billion in its Indian operations – to open up five additional warehouses.

Follow the Money – Episode 45

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This longer-than-normal episode covers a wide range of issues including such as sovereign wealth funds, bitcoin, cryptocurrencies, Indian real estate, ESG, investment exclusions, central banking and more.

EPISODE 45

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The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

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CalPERS Board Elects Priya Mathur as Board President

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The board of the California Public Employees’ Retirement System (CalPERS) elected Priya Mathur as board president. The current president Rob Feckner was named vice president of the board. Feckner previously served as board president and vice president.

Priya Mathur is serving her fourth term on the CalPERS Board of Administration. Mathur is a principal financial analyst for Bay Area Rapid Transit District (BART). Mathur represents public employees on the CalPERS Board, which she joined in 2002. She currently serves on four committees: Governance, Investment, Pension & Health Benefits, and Risk & Audit. She chairs the Pension & Health Benefits Committee and is vice chair of the Governance Committee.

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Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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