Infibeam in July 2015. Infibeam was founded in 2007 by Vishal Mehta, a Cornell and MIT Sloan alumnus. After working for Dell and Amazon.com in the US for five years, Mehta returned to India in 2007 and started Infibeam along with a group of Flipkart employees. He funded the company by selling his personal assets rather than opting for external equity funding. The company was started with an initial capital of 100-150 million. Infibeam.com started as an automobile portal in 2007, but later turned into an online retailer. In 2010, Infibeam launched 'Pi', India's first e-book reader. In 2008, Infibeam acquired
Flipkart to making purchases online. Flipkart projects its sales to reach by year 2014. On average, Flipkart sells nearly 10 products per minute and is aiming at generating a revenue of by 2015. On November 2012, the Enforcement Directorate began investigating Flipkart for alleged violations of foreign direct investment regulations of the Foreign Exchange Management Act, 1999. Flipkart reported a loss of for the FY 2012–13. In July 2013, Flipkart raised $160 million from private equity investors. In October 2013, it was reported that Flipkart had raised an additional US$160 million from new investors Dragoneer Investment Group, Morgan Stanley Wealth Management,