Naspers injects further cash into Flipkart
Flipkart, India’s largest e-tailer, raised $210 million in a fresh round of funding from a group of four investors led by internet-focused investment group DST Global, it said in a statement on Monday.
Flipkart’s existing investors, Tiger Global, Naspers, and Iconiq Capital also participated in the financing round, the company said.
Last week, Flipkart, which is popular for selling books and electronics online, acquired the country’s biggest fashion portal Myntra for around $300 million.
Indian e-commerce companies are expanding and raising capital after Amazon, which entered India last June, has drawn up the battle lines by slashing prices and launching next-day delivery.
Set up by two ex-Amazon employees in 2007, Flipkart has raised between $540-$560 million, according to industry estimates which valued the company at about $1.6 billion at the end of 2013.
In July 2013, Naspers acquired an additional 8.6% interest in Flipkart for R1.4 billion in cash, boosting its overall interest in Flipkart to 16.7% on a fully diluted basis.
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