Flipkart most well-funded startup in India, second most in Asia Pacific, report says
- Flipkart named most well-funded startup in India, with disclosed funding of $4.74 billion.
- The company is the second most well-funded startup in all of Asia Pacific.
- Six out of the 17 companies named by the report were unicorns or startups valued at $1 billion.
Home-grown e-commcerce website, Flipkart continued to be in the lead of Indian startups’ race after being named the most well-funded startup in India.
The company has also made it to the second place on the list of most well-funded startups in the Asia Pacific region, a report by CB Insights said on May 24.
“Rounding out the top three most well-funded startups in the region are the e-commerce platform Flipkart in India, and the on-demand logistics company GO-JEK in Indonesia,” the report said.
Six out of the 17 companies named by the report were unicorns or startups valued at over $1 billion.
Top 5 startups. Image Source: CB Insights
The least funded startup on the list was in Cambodia – Khmerload and had a total disclosed funding of $200K.
Image Source: CB Insights
Flipkart featured second on the list of most well-funded VC baked tech companies with a total disclosed funding of $4.6 billion.
The online destination for shopping in India had raised $4.74 billion in funding on March 20 this year. In 2015, Flipkart was valued at a total of $15 billion.
Started by Binny Bansal and Sachin Bansal in 2007, both of whom were alumni of IIT Delhi and were working for Amazon.com at the time.
“In the financial year 2008-09, Flipkart had made sales to the tune of 40 million Indian rupees. This soon increased to 200 million Indian rupees the following year,” Flipkart said in a blog post.
Flipkart has faced a lot of turmoil with its top management undergoing reshuffle. In 2016 it rejigged its top deck making Kalyan Krishnamurthy head of 'category design management.'
At the time Binny Bansal was Group CEO while Kalyan Krishnamurthy and Saikiran Krishnamurthy would handle the commerce part of the company.
In January this year the company appointed Kalyan Krishnamurthy to be Flipkart CEO; while Binny Bansal would continue to be Group CEO and Sachin Bansal as Group Chairman.
Despite the layoffs and the top management shuffle, the company was still named India’s ‘no. 1 go-to place’ to find jobs, a report by LinkedIn said.
“Collectively, the startups on our map have raised just over $24B in disclosed equity funding as of 23 May, 2017,” the CB Insights report said.