Flipkart raises

Flipkart raises $210m funding from four investors

 

 

 

 

 

MUMBAI: Flipkart, India's largest e-tailer, raised $210 million in a fresh round of funding from a group of four investors led by internet-focused investment group DST Global, it said in a statement on Monday.

Last week, Flipkart, which is popular for selling books and electronics online, acquired the country's biggest fashion portal Myntra for around $300 million.

Indian e-commerce companies are expanding and raising capital after Amazon, which entered India last June, has drawn up the battle lines by slashing prices and launching next-day delivery.

Set up by two ex-Amazon employees in 2007, Flipkart has raised between $540-$560 million, according to industry estimates which valued the company at about $1.6 billion at the end of 2013.