Just three months after it raised $200 million, e-commerce player Flipkart has picked up another $160 million in funding from both existing and new investors.
This latest round of funding, industry insiders say is a confirmation of the continued interest in both the company and its capital-intensive growth model.
The development was confirmed by company co-founder Sachin Bansal, who said in a tweet on Wednesday: “The rumours were true. We have raised $360 million. Cheers to everyone at Flipkart.”
While the online retailer had raised $200 million from existing investors including Tiger Global, Naspers, Accel Partners and ICONIQ Capital in July, Morgan Stanley Investment Management and the Dragoneer Investment Group have added to this round among other investors.