Bangalore-based e-commerce website FlipKart on Thursday said it has received a Series C funding of $20 million from the US-based existing investor Tiger Global. The funding takes the total investment in Flipkart close to $31 million, and Tiger Global had earlier invested $8-10 million in Flipkart, a company release said.
According to the release, the funding, raised earlier this year will be used by Flipkart for building more capacity in supply chain and logistics, upgrading technology capabilities and expanding marketing initiatives.
“With consumers increasingly shifting their purchases online, it is imperative for us to expand our presence and take it to the next level. These funds will enable us to build capacity in our supply chain so that we can shrink customer delivery time lines while expanding our product base,” Sachin Bansal, CEO of Flipkart, said.
The company started its operation in 2007 with selling books.In 2010 the company forayed into categories like CDs/DVDs of music, movies, games and software, mobile phones and electronics, to enhance its products offerings to customers.
“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,” he added.
According to the report ‘E-commerce Market in India’, by Internet and Mobile Association of India the internet commerce industry in India is estimated to grow by 47 per cent and reach Rs 46,520 crore mark by the end of 2011.
