Days after acquiring fashion portal Myntra, the Indian e-comm site is making headlines again by raising funding. Existing investors also participated in the round
The dust had still to settle on the humongous news of the Myntra buyout, and now India-based e-commerce portal Flipkart has gone ahead and announced securing US$210 million funding in a round led by Russia-based DST Global, one of the leading global investment groups focused on internet-related companies.
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 e-commerce 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 it invests in, and we look forward to working with its 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 US$1 billion, a year before target, reinforcing our leadership position. The funding further strengthens our capabilities to deliver on our next stage of growth.”
During the acquisition of online fashion store Myntra a few days ago, Flipkart had said it would invest US$100 million in the coming 12-18 months in the fashion business. This investment looks like a step in that direction.
Yuri Milner, Founder, DST Global said, “Flipkart is one of the fastest growing internet companies globally, led by visionary founders. It is well placed to capitalise on the significant opportunity in the fast growing Indian e-commerce market.”
Flipkart’s other investors include Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital.