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The rumors were true. We raised $360m, tweets Flipkart CEO, Sachin Bansal

Wednesday, 9 October 2013 - 1:33pm IST Updated: Wednesday, 9 October 2013 - 5:01pm IST | Place: Mumbai | Agency: DNA Webdesk

Just in July, the Bangalore-based e-commerce company had raised $200 million from existing investors including South Africa's media and e-commerce company Naspers Ltd. (NPNJn.J) and private equity funds Tiger Global and Accel Partners.

And now, in the latest round of funding in which $360 million was raised, investors include Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina (SOF.BR), Vulcan Capital and Tiger Global, the company said in a statement.

“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," CEO Sachin Bansal has said in a statement.

"Flipkart has closed its latest round of funding, which had commenced in July 2013. In this phase, it has closed an additional USD 160 million, adding to the USD 200 million it had raised from existing investors including Naspers," Flipkart said. 

"With this, the total funds raised in this round stand at USD 360 million -- the single largest amount to be ever raised by any Indian Internet business," it said.

Six-year-old Flipkart offers products across 17 categories and has more than 1 million unique visitors every day, according to the company statement. The e-commerce site went live in 2007 with the objective of making books easily available to anyone who had internet access. Flipkart's registered userbase stands at one crore and its portal receives more than 10 lakh unique visitors every day.

 

Also read: How Flipkart wrote its book of success in the online world




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