Flipkart raises $160 million more
Flipkart completes latest round of funding at USD 360 millionOctober 10, 2013 | comments ( 0 ) |
India’s largest e-commerce platform Flipkart.com, has announced the closure of its latest round of funding, which had commenced in July 2013. In this phase, the company has closed an additional $160 million, adding to the$200 million it had raised from existing investors including Naspers in the first phase in July, 2013.
This phase sees participation from a world-class group of new investors including Dragoneer Investment Group,Morgan Stanley Investment Management, Sofina and Vulcan Capitalalongside one of Flipkart’s earliest investors - Tiger Global. With this, the total funds raised in this round stand at $360 million – the single largest amount to be ever raised by any Indian internet business.
Talking about this development,Sachin Bansal, Co-founder and CEO of Flipkart.com said, “We are excited to work with a group of investors who strongly believe in our business strategy and are completely aligned with our long-term goals. India’s e-commerce market is at a critical inflection point and this additional capital will allow us to further expand our leadership position. “
The funds will be used to further build Flipkart’s technology and supply chain capabilities, develop the talent pool and further enhance the end-user experience.
- From MakeMyTrip to Cleartrip, e-travel firms to top $10 bn in bookings
- Myntra launches Italian handbag brand Carpisa exclusively on its platform
- Paytm partners insurance provider LIC
- Microsoft starts retailing of Amazon Echo devices online and in stores
- ShopClues launches its first offline store in Lucknow
- Crocs opens its 100th store in India
- Williams-Sonoma, Inc. announces partnership with Reliance Brands for India Market
- Instant noodle brand YiPPee crosses Rs 1,000 crore sales mark
- Myntra CEO & CFO quit
- Levi Strauss plans to launch IPO