VC-backed Flipkart raises Series D round of funding

The deal, previously reported to be in the region of $150 million, will see an MIH representative join the Flipkart board.

"The money raised in this round will be invested in expanding supply chain capacities, launching new categories and in growing the talent pool to continue building upon our leadership position," said Flipkart CFO Karandeep Singh.

Flipkart, which was set up in 2007 by two former Amazon software developers, received $1 million from Accel in 2009 and then Tiger Global put in $10 million in 2010 and another $20 million in 2011. In January, Accel and Tiger also invested $150 million in to the company.

Flipkart claims to be India's biggest online bookseller, with over 10 million titles distributed from warehouses in five cities. It has over 1,000 employees and sells around 200,000 books a year, offering a 10-15% discount on every purchase. It also offers consumer goods including mobile phones, electronic appliances, music and movies.

In February, Flipkart purchased rival e-commerce platform Letsbuy.com for an estimated $25 million. Letsbuy.com was put on the block after its VC investors, including Tiger, Accel and Helion Ventures, refused to increase their commitments.

The transaction was seen as a step towards consolidation in an industry that is attractive yet fiercely competitive, with critical mass coming at a cost.

 

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• Topics
• South Asia
• Consumer
• Expansion
• Technology
• India
• Consumer
• Accel Partners
• Tiger Global Management
• Growth capital
• TMT