Russian Net Tycoon Milner, Others Invest 1,200 cr in Flipkart
Flipkart will receive a new round of funding led by Russian internet tycoon Yuri Milner’s DST Global fund. The investment as reported by ET on Monday comes close on the heels of the country’s largest online retailer acquiring fashion portal Myntra. Flipkart will receive $210 million, or about .` 1,200 crore, in this deal that values the company at about $2.6 billion. “We are very excited about getting DST as an investor,” said Sachin Bansal, co-founder of Flipkart. “Yuri is a visionary and has seen trends before everyone else." Milner, whose fund is among the largest institutional investors in Facebook, is not joining the Flipkart board. Existing investors Tiger Global, Naspers and Iconiq Capital have also participated in this round. Flipkart’s other investors include Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital. The company had raised $360 million (over .` 2,100 crore) last year in two rounds.