India-based e-commerce marketplace Flipkart has reportedly bagged $156m in a credit line from Axis Bank.
This credit comes on the heels of a previous financing from Axis Bank last month, with the company injecting around $5.8m, according to an article by VC Circle. This is not the first time a bank has upped its loan to Flipkart, with Kotak Mahindra Bank initially deploying 650m INR, later upping it to 825m INR, and HDFC Bank supplying 300m INR and then increasing it to 453m INR, the article stated.
Founded in 2007, Flipkart is an online shopping platform which offers over 80 million products across more than 80 categories. The company has around 100 million registered users and 100,000 sellers, according to the company website.
The company is currently competing against Amazon India to become the leader in the marketplace, with Amazon India having received $5bn earlier in the year from its parent company.
This latest line of credit follows a $2.5bn investment from SoftBank Vison Fund last month and a $1.4bn investment from Tencent, eBay and Microsoft earlier in the year. Total funding raised by the company, including the new credit line, have reached around $8.1bn.
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