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.
Days after closing the biggest acquisition deal in the Indian e-commerce space, online marketplace giant Flipkart on Monday said it has raised $210 million (roughly Rs. 1,233.4 crores) in a fresh round of funding, bringing the private equity firm DST Global on board as an investor. Technology-focused DST Global, founded by Russian Internet tycoon Yuri Milner and best known for $200 million (roughly Rs. 1,174.3 crores) investment in Facebook, will lead this round of funding besides existing investors, Tiger Global, Naspers and Iconiq Capital. “DST is known for its investment in technology-focused firms and they have a great set of companies that they have invested in. This round of funding is more for the association than just raising funds,”Flipkart co-founder and CEO Sachin Bansal told reporters on a conference call. “Led by a visionary like Milner, DST brings a global perspective into each of their Internet investments along with a unique understanding of the businesses they invest in and Flipkart looks forward to working with their team,” he added.
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