Flipkart Raises $20 Mn From Existing Investor Tiger Global
Bangalore-based Flipkart Online Services Private Limited has raised $20 Mn in third round of funding from existing investor, Tiger Global Management LLC.
Flipkart, which runs e-commerce portal Flipkart.com, will use the funding for capacity building in supply chain, upgrading technology and to expand marketing.
Last June, Tiger Global invested $10 Mn in Flipkart, while Accel Partners had invested in the company in late 2009. With the latest funding, Flipkart has raised a total of almost $31 Mn.
Transaction Reference: Economic Times
Bangalore-based Flipkart was founded in 2007 by IIT Delhi classmates Sachin Bansal and Binny Bansal.
Flipkart, which started as an online retailer of books in 2007, has slowly diversified into mobiles, cameras, movies and music CD/DVDs and electronic goods. It has offices in Bangalore, Mumbai, Delhi, Chennai and Kolkata.
Last December, Flipkart acquired social book discovery tool weRead.com from Lulu Enterprises, Inc, a US-based on-demand publishing firm.
For 2009-10, Flipkart reported a loss of Rs.91.27 lakh on revenue of Rs.11.6 Cr.
Last month, Tiger Global invested in online private sales site Exclusively.in. Earlier this year, Tiger Global, along with Accel Partners, invested $2.5 Mn in Mumbai-based Nest Childcare Services Private Limited, which runs BabyOye.com, an online baby products store.
While in March, Tiger Global along with IDG Ventures and IndoUS Venture Partners invested in Myntra.com.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 31/01/12 | Flipkart - Accel Partners, Tiger Global | Private Equity | Tiger Global Management LLC | 150.00 |
| 25/10/11 | FlipKart - Carlyle Group, General Atlantic | Private Equity | General Atlantic LLC | - |
| 16/06/11 | Flipkart - tiger Global (Addtional Capital) | Private Equity | Tiger Global Management LLC | 20.00 |
| 16/06/10 | Flipkart - Tiger Global | Venture Capital | Tiger Global Management LLC | 10.00 |
| 22/10/09 | Flipkart - Accel India | Venture Capital | Accel India Venture Fund | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | Private Equity | Looking For | Prizm Payment Services Private Limited | 92.18 | Planned |
| 17/05/12 | M&A | Carzonrent India Private Limited | QCABS | - | Announced |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | Chakpak Media Private Limited | - | Completed |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | WheelsUnplugged.com | - | Completed |
Fund |
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| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Tiger Global Management LLC | Media Real Estate Telecom Energy IT/ITES/Technology |
Lee FixelNeeraj Chandra | ||
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Flipkart Online Services Private Limited | Sachin Bansal Binny Bansal |
1st Floor, No. 447/C, 1st A Cross, 12th Main, 4th Block, Opp. BSNL Telephone Exchange, Koramangala. |
Librarywala.com Kwench Library Solutions Private Limited TajOnline India Private Limited Future E-commerce Infrastructure Limited |
www.flipkart.com |
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