Flipkart, the largest e-commerce website in India, has raised USD 1 billion (over Rs 6,000 crore) in fresh funding from a group of investors, the largest so far in the online shopping segment. The company has not disclosed the new holding pattern but with this fund raising, Flipkart is valued at about USD 7 billion (around Rs 42,000 crore). In May, Flipkart had raised USD 210 million funding, bringing DST Global on board as investor. The firm has raised over USD 1.7 billion from investors, including the current deal.
Tiger Global Management and Naspers, GIC, Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley and Sofina also participated in this latest round. The Flipkart focus is to on making the online experience simpler and more accessible through technology. The funding will enable it to step up investments in technology.
The Bangalore-based firm, founded by Sachin Bansal and Binny Bansal, counts Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital among its other investors.
The e-retailer had acquired online fashion retailer Myntra in a Rs 2,000-crore deal. It has also announced a Rs 600 crore investment in its fashion business in the next 12-18 months.