point
The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

July - 2011 - issue > Venture Beat

Flipkart raises $20 Million in Series C Funding

ST Team
Wednesday, July 6, 2011
ST Team
Bangalore-based Flipkart Online Services raised $20 million in series C funding from existing investor, Tiger Global Management. Flipkart runs an e-commerce portal, Flipkart.com. Founded in 2007 by two IIT graduates, Sachin Bansal and Binny Bansal, Flipkart was launched as an online book store for India. Started with just five people, it grew within two years, cracked the top 100 Indian sites and was credited for being India's largest online bookseller with over 10 million titles on offer.

The company has also ventured into mobile phones, gaming consoles, electronics, music and movies, and have increased their workforce to more than 1000 employees catering over a million customers. It has offices in Bangalore, Mumbai, Delhi, Chennai and Kolkata. In 2010 December the company acquired social book discovery tool weRead.com from Lulu Enterprises, a U.S. based on-demand publishing firm.

The fund will be utilized for capacity building in supply chain, upgrading technology and to expand market. Last year Tiger Global had invested $10 million in Flipkart, while Accel Partners invested in the company in late 2009. The latest funding takes the total fund raised to $31 million.

Share on Twitter
Share on LinkedIn
Share on facebook
Share on Google+
SUB

Download Previous Magazine Editions

January Special3 issue
January Special3 17
January Special2 Issue
January Special2 17
January Special1 issue
January Special1 17
January issue
January 17