Flipkart raises $210M a week after making a $300M acquisition
The Indian e-commerce site gets a new investment from DST Global. The deal came just after Flipkart announced that it would acquire Myntra
Indian e-commerce platform Flipkart on May 26 announced that it raised $210 million led by internet-focused investment group DST Global.
Existing investors Tiger Global, Naspers and Iconiq Capital also participated in the financing round.
“With the addition of DST Global, we have further strengthened our investor base that consists of world-class investors,” Sachin Bansal, co-founder and CEO of Flipkart, said in a statement. “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.”
Online mega store
The company said it has millions of customers in India and met its GMV run rate of $1 billion a year before target. The funding will support its next stage of growth. Flipkart already has been working on its growth and just last week announced it would acquire online fashion store Myntra in a deal valued at about $300 million.
Prior to this round, Flipkart had raised about $540 million in several series of fundings. Founded in 2007, Flipkart originally sought to make books available to people without internet access. Today the online mega store sells all kinds of items from movies, games, electronics, healthcare products and apparel. Its services include cash on delivery, a 30-day replacement policy, free shipping and EMI options.