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Hot off the back of acquiring rival online shopping site Myntra, India’s ecommerce leader Flipkart announced that it has raised a new round of funding at US$210 million.
Flipkart, which is often referred to as the ‘Indian Amazon’ saw this round led by DST Global, while other investors included Tiger Global, Iconiq Capital, and South African-based Naspers.
Flipkart’s acquisition of fashion ecommerce site Myntra was reported to be around the US$300 million mark and it was anticipated that Flipkart would raise more capital. In total, the company has now raised around US$540-560 million in VC funding, all this without being profitable.
Flipkart, whose founders are ex-Amazon employees, have instilled a similar business model and philosophy to the ecommerce giant, and just like Amazon did, is focusing on traction first, before profitability. The company claims to have 18-million registered users and 3.5 million visits to its site each day. The new cash injection will be used to “strengthen our capabilities to deliver on our next stage of growth,” says the company.
Flipkart seems to have the right idea, as Amazon moved into the Indian market in the last year selling a range of goods from books to electronics, while eBay also seems to have its sights on the Indian market with its investment in local player Snapdeal.
According to Reuters, Flipkart was valued at around US$1.6 million at the end of 2013.