E-commerce company #flipkart has raised another $160 million to add to its previous round of funding. The company had raised $200 mn in July.
The Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital and Tiger Global have participated in the round.
The homegrown e-commerce company had raised $200 mn from existing investors including Tiger Global, Naspers, Accel Partners and ICONIQ Capital in July.
The funds will be used to build Flipkart’s technology and supply chain capabilities, develop the talent pool and further enhance the end-user experience, the company said.
The Indian e-commerce industry is expected to grow to $76 bn by 2021, according to a Technopak report. The business is now largely dominated by the big players. Series A investments in Indian e-commerce has almost dried up and many smaller e-commerce companies have shut down.
Flipkart Facts: 2013
Registered users – 1 crore
More than 10 lakh unique visitors every day
Peak items shipped in a day – 1.3 lakhs (June 2013)
Launched #payzippy, an online payments solution
New categories that Flipkart have entered (June 2012 – October 2013): Apparel, Footwear, Toys, Sun glasses , Home furnishings, Accessories, Sports and fitness, and eBooks