Flipkart raises $210 mn in investor funding

FlipkartBangalore, May 26 : India's largest e-tailer Flipkart Monday said it has raised $210 million in a fresh round of funding from a group of four investors led by DST Global, a leading Internet-focussed investment group.

Flipkart’s existing investors Tiger Global, Naspers and Iconiq Capital also participated in the financing round, the company said in a statement here.

This decision came only a few days after Flipkart May 22 announced it was acquiring Myntra, a leading e-retailer for fashion and lifestyle products. The deal was estimated to be worth about $300 million (Rs. 1,740 crore), according to sources involved in the deal.

“With the addition of DST Global, we have further strengthened our investor base that consists of world-class investors. Led by a visionary like Yuri Milner, DST brings a global perspective to each of their Internet investments along with a unique understanding of the businesses they invest in and we look forward to working with their team,” Sachin Bansal, co-founder and chief executive officer, Flipkart said.

Milner said Flipkart, one of the fastest growing internet companies globally, "is well placed to capitalize on the significant opportunity in the fast growing Indian ecommerce market.”

Flipkart’s other investors include Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital.(IANS)

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