Flipkart, often called as India’s answer to Amazon, has raised $160 million in the latest round of funding after raising $200 million in July. Sachin Bansal, co-founder and CEO of Flipkart, confirmed the funding round on Twitter. The Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital and Tiger Global have added to the round, NextBigWhat reports. Flipkart has so far raised over $500 million since 2007. The funds will be used to build Flipkart’s technology and supply chain capabilities. Much like Amazon, Flipkart is going for a capital intensive business model.
The rumors were true. We raised $360m. Cheers to everyone at flipkart.
— Sachin Bansal (@_sachinbansal) October 9, 2013