Flipkart closes India’s biggest ever e-commerce funding round at $360 million

After breaking the record for India’s biggest e-commerce investment just three months ago, Flipkart co-founder Sachin Bansal just tweeted that the company closed the round at $360 million.

On July 10, Flipkart announced it had received $200 million from existing investors Tiger Global, Naspers, Accel Partners, and ICONIQ Capital. New investors making up the additional $160 million include Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital, and more from Tiger Global.

This is Flipkart’s fifth round of funding, and it’s bigger than the previous four rounds combined. According to MediaNama, the company plans to use the money to improve its technology and supply chain capabilities, enhance end-user experience, and hire more staff.

Back in July, Naspers valued Flipkart at $1 billion dollars. Flipkart will likely ramp up its operations to compete with Amazon, which recently entered India.

Like Amazon, Flipkart sells pretty much everything from home appliances to digital music, and also has its own Paypal-like payment platform, PayZippy.

(Editing by TKTK)