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.