Flipkart raises $210 mn from DST Global, 3 other investors

Written by FE Online | New Delhi | Updated: May 26 2014, 18:33pm hrs
Flipkart9312225170 Flipkart is well placed to capitalise on the significant opportunity in the fast growing Indian e-commerce market, says DST Global.
E-commerce major Flipkart today raised $210 million in a fresh round of funding from a group of four investors led by internet-focussed investment group DST Global, it said in a statement on Monday. Existing investors Tiger Global, Naspers, and Iconiq Capital also participated in the financing round.

Talking about this development Sachin Bansal, co-founder and CEO, Flipkart, said, With the addition of DST Global, we have further strengthened our investor base that consists of world-class investors. We are excited to be a part of the DST portfolio featuring companies that are leading social and ecommerce innovators. Led by a visionary like Yuri Milner, DST brings a global perspective into each of their Internet investments along with a unique understanding of the businesses they invest in and we look forward to working with their team.

Binny Bansal, co-founder and COO, Flipkart, added, Flipkart has changed the way people shop in India. Today, we are the first choice in online shopping for millions of customers across the length and breadth of the country. We met our GMV run rate of $1 billion, a year before target, reinforcing our leadership position. The funding further strengthens our capabilities to deliver on our next stage of growth.

"Flipkart well placed to capitalise on the significant opportunity in the fast growing Indian e-commerce market, Yuri Milner, founder of DST Global.

Flipkarts other investors include Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital.

Last week, Flipkart, which is popular for selling books and electronics online, acquired the country's biggest fashion portal Myntra for around $300 million.

Indian e-commerce companies are expanding and raising capital after Amazon, which entered India last June, has drawn up the battle lines by slashing prices and launching next-day delivery.

Set up by two ex-Amazon employees in 2007, Flipkart has raised between $540-$560 million, according to industry estimates which valued the company at about $1.6 billion at the end of 2013.