Flipkart, one of India's largest e-commerce companies, on Wednesday announced that it raised $160 million from a clutch of private equity funds, adding to the $200 million it had raised from existing investors including South African technology group Naspers in the first phase in July this year.
The fund raising drive was to build and strengthen technology and bolster its supply chain. The latest round of funding saw participation from Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital and one of Flipkart’s earliest investors - Tiger Global, the company said in a statement.
With this, the total funds raised in this round stand at $360 million – in what could be the single largest amount to be raised by an e-commerce company.
Flipkart’s other investors include Accel Partners and ICONIQ Capital.
Talking about this development, Sachin Bansal, co-founder and CEO of Flipkart 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 six-year-old company offers products across 17 categories and claims to have more than 1 million unique visitors every day.