India's largest e-commerce marketplace, Flipkart, had raised another USD160 million in investment commitments. Flipkart, an Indian startup which services often compared to Amazon, would be adding the new investment to the USD200 million it had already raised in July this year. Flipkart's USD360 million investment that had been raised it is Series E funding round was deemed to be the biggest investment raised in India by an Internet startup. Flipkart raised a total of USD540 billion since it started in 2007.
Chief executive Sachin Bansal earlier confirmed the rumors about the amount raised in its latest funding on Twitter. He later released a statement thanking its investors for their participation in the funding round.
"We are excited to work with a group of investors who strongly believe in our business strategy and are completely aligned with our long-term goals. India's e-commerce market is at a critical inflection point and this additional capital will allow us to further expand our leadership position," Bansal said.
The new funding would go towards improving its technology and supply chain, and would be hiring more staff to improve user experience.
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