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Flipkart raises additional USD160 million venture fund

Leading e-commerce platform Flipkart.com raised an additional $160 million (Rs.992 crore) in the second round of funding from venture partners and institutional investors, the city-based company said Wednesday.

The company raised USD200 million (Rs.1,180 crore) in the first round of venture funding in July from global investors, including Naspers and Tiger Global.

Morgan Stanely Investment Management, Dragoneer Investment group, Sofina and Vulcan Capital are among new investors participating in the second round along with Naspers and Tiger Global.

Flipkart's other investors include Accel Partners and Iconiq Capital.

"The two rounds of funding worth USD360 million (Rs.2,172 crore) makes us the first Indian internet firm to raise such a large amount, reflecting the confidence of global investors in our business strategy and their belief in our long-term goals," Flipkart co-founder and chief executive Sachin Bansal said in a statement here.

Noting that e-commerce market in India was at a critical inflection point, Bansal said the additional capital would allow the company to expand its leadership position in the internet space.

"We will use the additional funds to ramp up supply chain, develop talent pool and enhance the end-user experience," Bansal said.

With 10 million registered users and a million hits a day, the six-year-old company ships over 100,000 merchandise across 17 categories, including e-books, apparel, footwear, toys, sun glasses, home furnishings, accessories, sports and fitness equipment.