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. With this, the online retailer has closed its latest round of funding, which had started in July, with the total funds raised in the round amounting to $360 million. This 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 CEO Sachin Bansal, who said in a tweet on Wednesday: “The rumours were true. We have raised $360 million. Cheers to everyone at Flipkart.”
“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,” the company claimed in a statement.
The online retailer had raised $200 million a few months ago from existing investors, including Tiger Global, Naspers, Accel Partners and ICONIQ Capital.
This phase included participation from a new group of investors such as Morgan Stanley Investment Management, the Dragoneer Investment Group, Sofina, Vulcan Capital alongside existing investor Tiger Global. According to a company statement, 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.