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Flipkart Raises Up To $10M From Tiger Global

15 June, 2010

Flipkart Online Services Pvt Ltd, which runs the online retail firm Flipkart.com, has raised its second round of venture funding from New York-based investment firm Tiger Global Management. Sources familiar with the development told VCCircle that the new round of funding was closed a few months back and is believed to be in the tune of $8 million to $10 million. Flipkart earlier raised funding early venture capital firm Accel India.

This development comes as Flipkart has expanded from being an online book retailer to offering products in movies, games and music. It also plans to launch sale of software like Norton Anti-virus, Adobe, Windows, and others. Indian CD/DVD market was worth approximately Rs 10 billion in 2008 and is expected to grow to Rs 16 billion by 2013 at an yearly growth rate of 10 to 15%, said Flipkart.

E-mails sent to Flipkart co-founder and CEO Sachin Bansal did not elicit a response pertaining to VCCircle queries, seeking comments on the fund-raise, at the time of publication of this article.

Flipkart currently has over 6 million titles listed ranging across all categories. The Bangalore-based company is targeting revenues of Rs 100 crore by March 2011, said a  recent release. The funding from Tiger Global, which has backed companies like local search firm Just Dial and coaching institute T.I.M.E, will help in this expansion. The new round of funding for Flipkart had attracted several venture capital firms, said a source.

Interestingly, Tiger Global has committed an investment of $150 million to Beijing Jingdong Century Trading, the operator of B2C site 360buy.com earlier this year.

Flipkart had revenue of Rs 25 crore in 2009-10, Flipkart said in an interview to CNBC-TV18 recently. It was set up in 2007 by IIT Delhi classmates Sachin Bansal and Binny Bansal, who later worked at Amazon before starting Flipkart. The company has a team of 200 members and currently operates from offices in Bangalore, Mumbai and Delhi.

Flipkart, which claims to have sold more than 5 lakh (half a million) books in the last two years, expects to sell more than 3,000 movie/music CD/DVDs per month initially and 20,000 CD/DVDs per month by the end of the year.

View Comments
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Banker . 6 years ago

just read somehere flipkat estimates online movie market to be in some billion rupees, so who is doing all the sales now. can someone point out to the best or largest player in the segment.

Kalyan Manyam . 6 years ago

Totally worth it. Congratulations to Flipkart team.

sameer guglani . 6 years ago

These guys are kicking ass – very happy to see the announcement.

HITESH GUPTA . 6 years ago

flipkart has truly revolutionized the e-commerce in India. Kudos to Flipkart team.

Vikram Raheja . 6 years ago

Been following their strategic moves. Another feather in the cap for Sachin and Binny. Congrats guys, good going, keep it up.

Ganesh . 6 years ago

Got introduced to flipkart only recently and its an addiction. The interface is so smooth and easy, I end up buying much more than what I would have in a normal book store. And COD feature is really cool. Good work flipkart

Narsi . 6 years ago

Site is great. Service is smooth too. But these guys have to go a long way to improvise upon customer support. The phone/email support is pathetic and despite being having been purchasing several items with flipkart regularly, I stopped using it completely because the customer support personnel were surprisingly rude (and anything but help) during a particular sale, when I got back to them.

Bhavna . 6 years ago

Their categorisation of books has plenty of scope of improvement – esp subcategories. eg in childrens section, they can categorise by age.

Flipkart Raises Up To $10M From Tiger Global

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