WeRead allows members to browse sections of many new titles and read entire books in electronic format through a partnership with Project Gutenberg. In 2010, Indian online retailer Flipkart acquired weRead for an undisclosed amount. Flipkart, originally an online book store and now India's largest e-commerce company bought weRead to leverage advanced recommendation technologies and social graph information to enhance customer experience. WeRead weRead, formerly iRead, was an online community of book enthusiasts. weRead started out as a social cataloging application on Facebook in June 2007 and had expanded to over 3.1 million active members across Facebook, MySpace, Orkut, Hi5, and
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,