India largest online book store has raised $20 million from its existing investor. Flipkart India’s leading e-commerce destination, today announced the Series C funding of US $20 million from existing investor Tiger Global. The funding, raised earlier this year from Tiger Global, will be used by Flipkart for building more capacity in supply chain and logistics, upgrading technology capabilities and expanding marketing initiatives. This funding takes the total investment in Flipkart close to US $31 million.
Sachin Bansal, Chief Executive Officer, Flipkart said, “We at Flipkart have always focused on providing the best shopping experience to our customers. With consumers increasingly shifting their purchase online, it is imperative for us to expand our presence and take it to the next level. These funds will enable us to build more capacity in our supply chain so that we can shrink customer delivery timelines while expanding our product base. Secondly, this will enable us to consistently upgrade our technology backbone since technology is the biggest enabler and a huge differentiator in the e-commerce segment. With internet savvy customers increasingly becoming accustomed to the ease of online shopping, we plan to invest in our marketing initiatives to build a customer base spanning the length and breadth of the country.”
Banglore based, Flipkart began operating from 2007 with books and soon went on to become the largest online book retailer in the country. Subsequently in 2010, Flipkart forayed into new categories like CDs/DVDs of music, movies, games and software, Mobile Phones and Electronics, to enhance its products offerings to customers. With all these categories, some of them that have historically not done well online, Flipkart has seen success in a short span of time. The company also plans to foray into new product lines in electronics and consumer goods segments in the near future.
Reiterating on the investment, Binny Bansal, Chief Operating Officer, Flipkart, “E-commerce has already crossed the tipping point in the country and we are witnessing huge growth in the industry. Having already established ourselves as leading players, we expect to pick up a large share of the growing e-commerce pie. Investments in supply chain and technology will help us stay ahead of competition and achieve our goal of becoming the largest e-commerce player in the country.”