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Flipkart raises a staggering $210 million in fresh round of funding

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In a fresh round of funding, just after the Myntra acquisition, Flipkart has raised a staggering $210 million, it announced today. The investment was raised by a new funding round led by DST Global, with returning investors Tiger Global, Naspers, and Iconiq Capital also participating.

Just a few days ago, Flipkart had acquired Myntra, India’s largest online fashion store in a deal, reportedly considered to be worth $330 million. Interestingly, in that very announcement, Flipkart had announced that they would invest a further $100 million in fashion business.

This new funding has brought the total amount raised by Flipkart, till date, to $750 million, which is by far, one of the largest in India. Flipkart, although being the leader in e-commerce in India, faces tough competition from Indian arms of international giants like Amazon and eBay.

Flipkart is likely to make further smaller acquisitions in e-retail space, in order to maintain its dominance in the Indian market, which is expected to be worth $22 Billion in the next five years.

Another Indian e-retail site, Snapdeal, had raised $100 million, bringing the total raised amount to $400 million.

 IMAGE BY FLICKR USER Sankarshan Mukhopadhyay UNDER CC 2.0 LICENSE. IMAGE HAS BEEN CROPPED

Editor-at-large and co-founder at The Tech Portal. He is a tech enthusiast with interests in new-age technology fields like Ai, Machine Learning, AR/VR, Outer Space and related stuff. Drop him a mail anytime, very reachable.


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