Flipkart raises $200 million in single-largest round of funding in Indian e ... - Economic Times

BANGALORE: Online retailer Flipkart has raised $200 million, or about Rs 1200 crore, from its existing investors in a deal that marks the single-largest round of funding for an Indian e-commerce company. MIH, a part of the South African Internet major Naspers, New York-based hedge fund Tiger Gobal, Accel Partners and San Francisco-based family office, Iconiq Capital, participated in this latest deal. This marks the fifth round of funding for Flipkart and comes at a time when the Indian E-commerce industry is struggling with high operating costs and regulatory pressures. "There was a lot of scepticism about Flipkart and e-commerce in india. This funding refutes that. We see this as a great validation,"said Sachin Bansal, chief executive of Flipkart. The company has raised a total of about $ 380 million, around Rs 2280 crore,from investors so far. The latest round of funding will be used for investments in technology, supply chain, automation and people development. Copyright © 2013 Times Internet Limited. All rights reserved. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFcyS1HoInFE7fuPrcOedcPCDQHbA&url=http://economictimes.indiatimes.com/tech/ites/flipkart-raises-200-million-in-single-largest-round-of-funding-in-indian-e-commerce-space/articleshow/21000164.cms

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