Flipkart raises $210 million to utilize in Myntra acquisition

Just after the Myntra acquisition Flipkart raised $210 million in a fresh round of funding from a group of four investors led by internet-focused investment group DST Global besides existing investors, Tiger Global, Naspers and Iconiq Capital.

Flipkart will use the funds to increase its capabilities and strength of its technology and acquiring firms across areas like e-commerce, technology and supply chain.

DST Global is a technology-focused investment firm founded by Russian Internet tycoon Yuri Milner better known for its investment in Facebook.

Just last week, Flipkart, acquired the country's biggest online apparel store Myntra.com for around $300 million estimated Rs 2,000 crore. This was Flipkart fifth acquisition since 2010, earlier Flipkart has bought Weread.com,Mime360, ChakPak.com and Letsbuy.com.

With this round of funding, the total amount of fund raised by Flipkart is estimated at around $750 million (Rs 9,000 crore) since its inception in 2007. It had also announced that the company will invest $100 million (around Rs 600 crore) in its fashion business in the next 12-18 months.

The company will also continue to invest in warehouses and logistics to facilitate the 3,000 sellers on its platforms to do more business. Flipkart offers over 15 million products across 70 categories to its 18 million registered users and 3.5 million daily visitors. Its technology enables 5 million shipments/month.

According to Alexa Internet, Flipkart's website is one of the top 10 Indian websites.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.