Flipkart, a Bangalore-based e-commerce site, has received USD200m from existing investors including Accel Partners, Naspers, ICONIQ Capitaland Tiger Global. Flipkart, which launched in 2007, has 9.6m registered users throughout India and sees 1m unique visitors on a daily basis. The new funding, which takes the total invested in Flipkart to USD380m, will be used to improve upon the website’s technology platform as well as to strengthen its supply chain and hire new staff.
This marks the fifth round of funding for Flipkart and comes at a time when the Indian E-commerce industry is struggling with high operating costs and regulatory pressures.
“There was a lot of scepticism about Flipkart and e-commerce in india. This funding refutes that. We see this as a great validation,”said Sachin Bansal, chief executive of Flipkart.
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