Soon after acquiring fashion e-retailer Myntra for an estimated price of over $330 million, Flipkart has received funding worth $210 million from DST Global which is a fund led by Yuri Milner. Other investors in this latest round of funding include existing invested Tiger Global, Accel Partners and Iconiq Capital. Binny Bansal, co-founder and COO, Flipkart,said in a company statement, “Flipkart has changed the way people shop in India. Today, we are the first choice in online shopping for millions of customers across the length and breadth of the country. We met our GMV run rate of $1 billion, a year before target, reinforcing our leadership position. The funding further strengthens our capabilities to deliver on our next stage of growth. The latest round of funding takes the entire funding in Flipkart to $750mn, highest ever for any Indian startup. Flipkart did not specify as to how does it plans to use the raised capital. The company claims 18 million registered users and 3.5 million visits to its site per day. Flipkart is one of the fastest growing internet companies globally led by visionary founders. It is well placed to capitalize on the significant opportunity in the fast growing Indian e-commerce market. said Yuri ...
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