Flipkart, India’s largest e-commerce company, announced today that it has raised $210 million in a new funding round led by DST Global, with returning investors Tiger Global, Naspers, and Iconiq Capital also participating. The announcement comes on the heels of last week’s news that Flipkart will acquire online fashion retailer Myntra in a deal reportedly worth $300 million.
The new funding brings Flipkart’s total raised so far to $750 million. The company currently has 18 million registered users and 3.5 million daily visitors, but it faces stiff competition from other companies, including Amazon and Snapdeal, as they strive to pull ahead in India’s ecommerce market, which is expected to grow seven times to $22 billion in the next five years.
Snapdeal announced last week, just before the Flipkart-Myntra deal was confirmed, that it has secured another $100 million in funding, bringing its total raised so far to more than $400 million. Snapdeal recently acquired fashion discovery site Doozton.