Bangalore: Flipkart receives funds for the fourth time by MIH, ICONIQ Capital, Tiger Global and Accel partners. The company has received funds before by Tiger Global and Accel Partners while MIH and ICONIQ capital are the new investors in the company. Flipkart is a Bangalore based company founded by Sachin Bansal which provides online shopping for books, mobiles and other gadgets. The amount of funding by MIH alone is $150 million and the funds would be utilized to introduce more categories and bulid up the business on a larger scale, as TOI reports. However, the final amount of funding has not been disclosed as reported by Business Line.

Prior to this, Flipkart has been funded an amount $31 million from Tiger Global management and Accel partners. There were some angel investors too. Tiger Global has contributed heavily in the earlier rounds of funding by investing an amount of $20 million in june 2011.

With the current funding, Flipkart becomes one of the highly funded firms leading other online companies like Snapdeal that raised an amount of $53 million in three rounds, Fashionandyou that raised an amount of $48 million in two rounds and Myntra that raised an amount of $39 million.

Flipkart is expanding its wings rapidly by introducing an array of new categories like beauty products, pen and stationery, bags and luggage and many more. With this current funding, the company intends to equip better strategies for further business by bringing in more products into it.