Indian e-commerce giant Flipkart announced that it has raised a massive $1 billion round. The round was led by Tiger Global Management and Naspers, with participation by GIC and existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management, and Sofina. The company had secured $7 billion valuation several days earlier.
Flipkart said that the funds will be used to make long-term strategic investments in India, especially in mobile technology.
The company, which now has 22 million registered users and makes 5 million shipments a month, last announced a fundraising in May, when it had closed a $210 million round led by DST Global, with participation from Tiger Global, Naspers, and Iconiq Capital. The round brings the total funding of Flipkart so far to $1.75 billion.
In one of its recent acquisitions, Flipkart bought Indian online fashion dealer Myntra in a $300 million deal.