The largest India E-commerce company Flipkart today announced that it has raised $210 Million in the company’s third round funding from DST Global Solutions Ltd., a Russian Investment firm.
After the biggest news of Flipkart acquiring Myntra for $300 Million, the company again hits the media by raising its third round funding in less than a year. The existing investors Tiger Global Management Llc, Accel Partners and Iconiq Capital also took part in the investment round along with DST. With the new funding Flippkart raised a total of $750 Million so far from different investment firsl.
“Among all the investors we know, (DST) are the best in their technology focus,” Flipkart’s CEO and co-founder Sachin Bansal told to the media. He also added that these funding will be used for future acquisitions.
The company now has about 3.5 million visitors per day to its website and has 18 million registered users. The E-commerce market is expected to hit $22 Billion by next year where other online stores like Amazon, Snapdeal are also competition with Flipkart to rule the Indian E-commerce space.
Last week before Flipkart-Myntra merging Snapdeal had announced that it raised $100 Million funding from some new investors which sums up to a total $400 Million investment raised by the company so far.