Flipkart completes latest round of funding at USD 360 million

BANGALORE, INDIA: India's largest e-commerce platform Flipkart.com, has announced the closure of its latest round of funding, which had commenced in July 2013. In this phase, the company has closed an additional $160 million, adding to the $200 million it had raised from existing investors including Naspers in the first phase in July, 2013.

This phase sees participation from a world-class group of new investors including Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital alongside one of Flipkart's earliest investors- Tiger Global. With this, the total funds raised in this round stand at $360 million, the single largest amount to be ever raised by any Indian internet business.

Talking about this development, Sachin Bansal, co-founder and CEO of Flipkart.com said: "We are excited to work with a group of investors who strongly believe in our business strategy and are completely aligned with our long-term goals. India's e-commerce market is at a critical inflection point and this additional capital will allow us to further expand our leadership position."