Flipkart Raises $210 Million in Fresh Funding
Flipkart, India's largest e-tailer, raised $210 million, or Rs 1,228 crore, in a fresh round of funding from a group of four investors led by internet-focused investment group DST Global, it said in a statement on Monday.
Last week, Flipkart, which is popular for selling books and electronics online, acquired the country's biggest fashion portal Myntra for around $300 million, or nearly Rs 1,750 crore.
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 (Rs 3,159 crore-Rs 3276 crore), according to industry estimates which valued the company at about $1.6 billion (Rs 9,360 crore) at the end of 2013. ($1= 58.50 rupees)
Copyright: Thomson Reuters 2014
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