India e-commerce giant Flipkart last week bought up smaller, fashion-focused rival Myntra, and today it has more news after announcing a new $210 million round of funding.
The round was led by DST Global, and included participation from existing investors Tiger Global, Naspers, and Iconiq Capital. There had been speculation that Flipkart would raise more capital at the same time that as last week’s Myntra deal — which is being pegged at $300 million — and that’s been proven correct.
Flipkart isn’t saying how it will spend the new influx of cash, other than that it will “strengthen our capabilities to deliver on our next stage of growth.” Today’s announcement means the company has now raised just over $750 million in venture capital funding thus far, though its business is not profitable yet.
Flipkart claims 18 million registered users and 3.5 million visits to its site per day, but it has two US giants breathing down its neck. Amazon quietly moved into the India market last June. It began selling books only, but now offers music, movies, electronics, fashion and other categories that Flipkart covers too.
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eBay also has plans for the Indian market, after it invested in domestic player Snapdeal with a view to a future acquisition. Snapdeal has just raised $100 million from five investors as well, including Singapore’s Temasek Holdings.
Related: India’s Flipkart is launching an Amazon Prime-like subscription service called Flipkart First
Image via Thinkstock
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