News that India’s largest online retailer Flipkart has just raised US$1billion in fresh funding lit up the internet overnight.
Billed as the largest single funding round by an Indian internet company and among the largest in a single funding round for any global eCommerce company, the Series G funding from a consortium including the Government of Singapore, Morgan Stanley Expansion Capital and Accel Partners, brings Flipkart’s total funding since its 2007 launch by two former Amazon employees to $1.8billion.
It potentially values the company at as much as $7billion placing Flipkart among the top echelon of private tech startups that have notched multi-billion dollar valuations, from Facebook to Pinterest to rideshare phenom Uber (which snagged an even more eye-watering $1.2billion funding last month).
In May Flipkart acquired India’s largest fashion portal Myntra for an estimated $300million, reportedly the biggest acquisition in the Indian e-Commerce sector and a bid to shore up Flipkart’s defences against the rapidly-expanding behemoth Amazon in the race for India's $13billion eCommerce market.
At the time of the acquisition, Myntra said the merger had the potential to raise Flipkart-Myntra’s share of the online Indian fashion market from 50percent to 60-70percent over the next six-twelve months.
Elsewhere in the fashion tech sector, there aren’t any funding deals to match Flipkart’s, but there is nonetheless quite some startup activity that is attracting VC interest.
FELLT Industry looked into capital raising for the month of July and identified 10 companies that have raised a combined $137million.
They include seven year-old US menswear e-tailer Bonobos, which has just raised $55million in Series D funding, bringing its total funding to $128million – and a bunch of much younger enterprises.
The latter include brand new New England-based running apparel company Tracksmith, which launched earlier this month and raised $1.6million. Plus an intriguing new mobile shopping app called Spring, which has yet to launch, but managed to raise a whopping $7.5million Series A round from a consortium of over 40 investors that includes Google Ventures, Groupe Arnault and Rachel Zoe Ventures.
Spring’s CrunchBase profile notes the company is “on a mission to create the world’s best Mobile Shopping experience”.
We'll keep you posted on how that works out for them.
Here is our list of 10 fash-tech companies that raised funds over the past four weeks, in order of the amount raised, including total funding to date, date of launch, the city in which each is headquartered and their stated Mission Statements (via their Crunch Base profiles).
All dollars are US$.
New York, NY
Series D - $55million ($127.6million to date)
An e-Commerce driven (menswear) clothing brand focussed on delivering great fit and excellent customer service
Series D - $24million ($62.4million to date)
The market leader of PLM (Product Lifecycle Management) software for retail, apparel, footwear, luxury and consumer goods
San Francisco, CA
Series D $23million ($46.1million to date)
An online consignment shop that allows users to buy and sell quality used women’s and children’s clothing
Lucerne Valley, CA
Series B - $13million ($21.1million)
An online destination for selling and buying clothes for women, creating a peer-to-peer shopping experience
New York, NY
Series B $10million ($15.6million to date)
A one-stop retailer for affordable, on-trend fashion jewellery
August 2014 TBC
New York, NY
Series A - $7.5million
Mobile shopping app
Seed - $1.6million
Premium performance running apparel
Series A $1.4million ($2.4million to date)
A marketplace for secondhand products for children
Interchangeable prescription eyewear
10. Dash Hudson
New York, NY
Seed - $400,000
A shoppable social marketplace for men’s fashion