Bangalore-based e-commerce website FlipKart said on Thursday that it has received Series C funding amounting to $20 million from existing US-based investor, Tiger Global. The funding takes the total investment in Flipkart close to $31 million. Tiger Global had previously invested $8-10 million in Flipkart.
“With consumers increasingly shifting their purchases online, it is imperative for us to expand our presence and take it to the next level. These funds will enable us to build capacity in our supply chain so that we can shrink customer delivery time lines while expanding our product base.” Sachin Bansal, said CEO of Flipkart.
The company started its operation in 2007 selling books similar to Amazon. In 2010, the company expanded into other categories like CDs and DVDs, games and software, mobile phones, and electronics to extend its product offerings to customers with an aim to hit $1billion in sales by 2015.
Flipkart is one of the most promising e-commerce start-ups in India. It also has one of the most aggressive growth strategies that saw an increase in traffic in recent months, according to a recent comScore report.
Source: India Infoline, Chart via Pluggd
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