Flipkart.com, India’s largest e-commerce platform, has closed the latest round of funding, in which it procured an additional $160 million, adding to the $200 million it had raised from existing investors including Naspers in the first phase in July, 2013.
Investors to this round of funding include 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.
According to Sachin Bansal, co-founder and CEO of Flipkart.com, 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 has over 10 million registered users, and more than 1 million unique visitors daily. The online store ships 1.3 lakhs items per day during peak time.
Recently Flipkart launched PayZippy, an online payments solution, to further ease the online shopping experience.