Flipkart.com, an online retailer selling books and affiliated home office and lifestyle products, has raised $200m in its fifth round of funding. MIH, the corporate venturing unit of South Africa internet media company Naspers, venture fund Accel Partners, and US investment firms Tiger Global and Iconiq Capital participated in the fifth round of funding for the India-based company.
Flipkart raised $1m from Accel India in 2009 and later in another round raised $10m from Tiger Global. Tiger Global also backed the company in a $20m round in 2011. In 2012 it raised its fourth round of $150m from MIH and Iconiq Capital.
Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both alumni of the Indian Institute of Technology Delhi. The two gained valuable experience in the online book trade while working at Amazon.com before founding their own company.
The store started with selling books and in 2010 branched out to selling CDs, DVDs, mobile phones and accessories, cameras, computers, computer accessories and peripherals, and in 2011, pens & stationery, other electronic items such as home appliances, kitchen appliances, personal care gadgets, health care products etc.
The company is now diversifying its products to other home office related products, such as air coolers, school supplies, office supplies, art supplies & life style products.
It has a staff of close to 4500 people.