Flipkart Raises Fourth Round of Funding; MIH and Inconiq Capital Take Minority Stake

24th Aug 2012
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Flipkart.com, India’s largest e-commerce platform today announced the completion of its 4th round of funding. Apart from existing investors Tiger Global and Accel Partners, two new investors - MIH (part of Naspers Group) and ICONIQ Capital - have participated in this round through a minority stake. MIH also gets a representation on the board. The amount is pegged to be at $ 150 million.

Sachin Bansal, co-founder and CEO of Flipkart.com said, “We are excited to comp lete this round of funding, which would fuel our growth plans, and help us achieve our stated ambition of hitting USD 1 billion in gross merchandise value by 2015.”

Binny Bansal, co-founder and COO of Flipkart said, "The focus on building a strong brand and differentiating it through delightful customer service has worked really well for us so far. This has been made possible by the world-class technology platform built by our top notch engineering talent and backed by equally competent back-end operations through our partner networks."“The money raised in this round will be invested in expanding supply chain capacities, launching new categories and in growing the talent pool to continue building on our leadership position,” added Karandeep Singh, CFO, Flipkart.

The Hackday at Flipkart makes a very interesting read.

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