Flipkart raises $20 Million in Series C Funding
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Flipkart raises $20 Million in Series C Funding
Bangalore: 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. Today they have ventured into mobile phones, gaming consoles, electronics, music and movies as well 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. Last December, it acquired social book discovery tool weRead.com from Lulu Enterprises, a U.S.A-based on-demand publishing firm. The fund will be utilized for capacity building in supply chain, upgrading technology and to expand market. Last June, Tiger Global 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. Binny Bansal, Chief Operating Officer, Flipkart, said that they expect to pick up a large share of the growing e-commerce market. Investments in supply chain and technology will help them stay ahead of competition and achieve their goal of becoming the largest e-commerce player in the country.

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