Flipkart completes latest round of funding at USD 360 million, largest by an Indian Internet startup
India’s largest e-commerce platform Flipkart, 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 raised earlier 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 Capital alongside 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.
Flipkart’s other investors include Accel Partners and ICONIQ Capital.
Flipkart Facts: 2013
- Registered users – 10 million
- More than 1 million unique visitors every day
- Peak items shipped in a day – 130K (June 2013)
- Launched PayZippy, an online payments solution
- New categories that we have entered (June 2012 – October 2013): Apparel, Footwear, Toys, Sun glasses, Home furnishings, Accessories, Sports and fitness, and eBooks