Flipkart receives $210 million in funding
Flipkart is an India-based e-commerce company that has raised $210 million in funding only seven months after closing a $360 million round. DST Global led this round of funding with participation from existing investors Tiger Global, Naspers, and Iconiq Capital. Flipkart has raised a total of $750 million thus far.
Flipkart is like Amazon.com where it sells pretty much everything, like electronics, books, apparel, sporting goods, etc. Flipkart offers free shipping for purchases made over 500 rupees and there is an option to pay with cash upon delivery. Flipkart has around 18 million registered users and hits about 3.5 million visitors per day.
Flipkart also recently acquired a company called Myntra for around $300 million. Myntra is an online fashion company that will continue to run independently. Myntra CEO Mukesh Bansal is joining Flipkart’s board of directors.
The e-commerce space in India is red-hot right now. Snapdeal announced $100 million in funding last week after raising $133.7 million in funding three months before that. Snapdeal is also expected to go public.
Flipkart was founded by Sachin Bansal and Binny Bansal in 2007. The company is based in Bangalore.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry