Accel Partners-backed Flipkart to raise additional $100m

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Flipkart Online Services, the fast-growing Indian e-commerce company backed by investors including Accel Partners, is reported to be looking to raise an additional INR5.55bn ($100m).

The business, which operates online retailer Flipkart.com, is looking to close the round between October and December this year, sources told Livemint.com.

Flipkart.com is India’s largest online bookseller, offering more than ten million titles through a distribution network of warehouses in five cities.

The Bangalore-based company, which also retails mobile phones, games consoles, music, movies and appliances, generated sales of over $100m in 2011. It hopes to hit the $1bn mark by 2015.

Flipkart has raised $31m in venture funding from Accel Partners and Tiger Global Management.

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