Homegrown Indian e-commerce site Flipkart has raised another $200 million from existing investors, according to reports in Indian media. The Economic Times says the deal is Flipkart’s largest to date. Flipkart competes with various other local e-commerce players including Snapdeal and Myntra. Amazon has also recently entered the Indian market.
Flipkart, which sells a range of good including books, clothes, music & movies and consumer electronics items, raised $20 million from Tiger Global, back in 2011. According to CrunchBase it also raised a $150 million round last August, again from the same investors.
Existing investors in Flipkart include Tiger Global Management, Naspers, Accel Partners and Iconiq Capital. The Economic Times reports that all four participated in the new round, with MIH, a part of Naspers, doing their portion of the investment. Flipkart has now raised a total of around $380 million, including the latest round (its fifth).
The newspaper reports that Flipkart will use the new funding for investments in “technology, supply chain, automation and people development”. Indian tech blog, the NextBigWhat, also specifically mentions Flipkart’s e-books business and datacenter capabilities as areas of focus, along with supply chain and technology.
Increasing its shipping capabilities so it can handle “millions of shipments a day” is one aim for the new round, according to Flipkart CEO, Sachin Bansal. “We will also make investments in talent pool. There is no ready made talent in India. We will invest heavily on creating and hiring such talent,” Bansal is also quoted by the NextBigWhat as saying.
”We are getting into a bigger league than what we have done so far,” he added.