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Flipkart Raises over Rs.6000 Crores Fresh Funding

si Team
Wednesday, August 6, 2014
si Team
India's largest e-Commerce platform, Flipkart has raised a fresh funding of over Rs.6,000 crores. This round of funding was led by the existing investors Tiger Global Management & Naspers and with this funding, the company aims to make long-term strategic investments in India focusing mainly on mobile technology. Along with the existing investors, Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina, a Singapore based sovereign wealth fund named GIC also participated in the latest round.

The amount is the single largest round by any Indian internet company and is among the largest in funding round for any e-Commerce company globally. Commenting about the new milestone, Flipkart's Founders Sachin Bansal and Binny Bansal say, "We believe the internet will improve the quality of life for millions of Indians and e-Commerce is going to play a huge role in this change. The focus at Flipkart is to continue to make shopping online simpler and more accessible through the use of technology". The company currently has close to 22 million registered users and handles 5 million shipments a month. The brand believes that the power of the mobile internet can help them enable every Indian to either shop or sell online. "This new funding will enable us to step up our investments for innovations in products and technologies, setting us up to become the mobile e-Commerce company of the future. This funding will help us further accelerate momentum and build our presence to become a technology powerhouse," the Founders added.

Flipkart started its journey with the objective of making books easily available to people who had an easy access to internet in 2007. Today, it is India's leading e-tailer that serves over 15 million products across 70+ categories including media, consumer electronics and lifestyle. The company is known for its innovative and first-of-its-kind initiatives such as Cash on Delivery, 30-day replacement policy, In-a-Day Guarantee and Same-Day-Guarantee. Flipkart also have tie-ups with local artisans and manufacturers. With the recent acquisition of Myntra, an online shopping retailer of fashion and casual lifestyle products, Flipkart also ramped up its focus on fashion industry. The firm also has a major plan to invest in training sellers for the marketplace benefitting small and medium entrepreneurs, manufacturers and artisans to get easily connected with their customers.

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