wordpress blog stats
Connect with us

Hi, what are you looking for?

Updated: E-Commerce Major Flipkart Raises $200M From Existing Investors

Hot on the heels of launching its online payment solution PayZippy, E-commerce major Flipkart has secured a fresh round of funding $200 million from existing investors like Naspers, Accel Partners, Tiger Global, and ICONIQ Capital. Flipkart CEO Sachin Bansal said this is the largest investment raised by an Internet company in India. Mobile ad network InMobi had however raised $200 million from Softbank in September 2011. The company plans to use the funds raised to improve its tech platform which powers its marketplace, e-book business and payment solutions, strengthen its supply chain and for hiring. This is the company's fifth round of funding, after raising a reported $150 million funding in August 2012, $20 million in June 2011, $10 million in June 2010 and $1 million in 2009. Last month, Naspers had confirmed that it has invested 858 million rand (around $102.1 million) in Flipkart in return for 10% stake in the company in August 2012. Over the past year, Flipkart has introduced newer categories like men’s apparel, footwear and sports & fitness category and women’s apparel. It had also re-introduced home appliances category offering only low cost electronic appliances like Water Purifiers, Iron Boxes, Vacuum cleaners and Voltage stabilizers, after pulling out of the electronic home appliances category in May 2013. In a surprise move, it also pulled the plug on its digital music store Flyte Music and had shut down the Flyte brand entirely. (Read: Why Flipkart Shut Down Flyte Music). Flipkart had sold its front end retail operations WS Retail to a group of investors led by former OnMobile COO Rajiv Kuchhal in February 2013 and had adopted Amazon-like hybrid marketplace model in…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ