Flipkart Raises whooping $1B fund

The competition among the ecommerce players in India intensify as India’s largest e-commerce portal Flipkart has announced that it has raised a massive $1 billion funds.

The news will certainly give Flipkart a better edge over its nearest rivals like Snapdeal, Amazon and eBay.

Flipkart has raised a total of $1.75 billion funds so far. The new round has been led by DST Global, Tiger Global, Naspers, Iconiq Capital, Morgan Stanley Investment Management, and Sofina.

Massive milestone for us… we have raised $1 billion in fresh funding. Huzzah! @binnybansal @_sachinbansal pic.twitter.com/NDbIQCeEJl

— Flipkart (@Flipkart) July 29, 2014

In a statement, Flipkart said the “funds will be used to make long-term strategic investments in India, especially in mobile technology.”

Flipkart has 22 million registered users and it ships over 5 million shipments per month.

Recently, Flipkart acquired online fashion store Myntra at avbout $300 million.

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