India’s biggest e-commerce portal Flipkart.com on Wednesday stated that it has received a fund of $160 million (~Rs.990 crore), just three months since it had raised $200 million, rounding off the total funding seed to a mammoth $360 million. The new investors participating in this phase include Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina, Vulcan Capital Management and one of Flipkart’s earliest investors – Tiger Global Management. Other investors of Flipkart include Accel Partners, Iconiq Capital, and MIH (a part of Naspers Group).
Sachin Bansal, Co-Founder and CEO of Flipkart stated on this development- “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 rumors were true. We raised $360m. Cheers to everyone at flipkart.
— Sachin Bansal (@_sachinbansal) October 9, 2013
The garnered funds shall be used to further develop Flipkart’s technology and supply chain capabilities, nurture the existing talent pool and better the overall end-user experience.
Flipkart Facts: 2013
- Registered users – 1 crore
- More than 10 lakh unique visitors every day
- Peak items shipped in a day – 1.3 lakhs (June 2013)
- Launched PayZippy, an online payments solution
- New categories that the compay has entered (June 2012 – October 2013): Apparel, Footwear, Toys, Sun glasses, Home furnishings, Accessories, Sports and fitness, and eBooks