India-based online retailer Flipkart has raised $210 million in new funding led by DST Global, with additional participation from existing investors Tiger Global, Naspers and Iconiq Capital. The new round, which brings the company's total funding to over $750 million, comes just a week after one of its major competitors, Snapdeal, landed a $100 million financing. Flipkart's new deal also follows its reported $300 million acquisition of Myntra, an India-based online fashion retailer.
With 18 million registered users and 3.5 million daily visitors, Flipkart is regarded as the largest e-commerce company in India. But with Snapdeal's recent massive round and Amazon's increasing presence in India's e-commerce market, Flipkart needs to stay active to maintain its position. The company, which last raised $360 million of Series E funding in 2013, will reportedly use the new capital, in part, to expand its supply chain and improve technology.