MUMBAI: Flipkart Online Services, which runs online shopping Flipkart.com, has raised fourth round of funding from MIH which is part of the Naspers group and Iconiq Capital.

While the exact amount of funding has not been disclosed, according to media reports Flipkart.com has raised $150 million for a minority stake.

Flipkart had earlier raised funding from venture capital funds Accel India and Tiger Global.

Buoyed by the new round of funding, Flipkart said the company aims to reach a merchandise value $1 billion in the next three years.

“We are excited to complete this (its fourth) round of funding, which would fuel our growth plans, and help us achieve our stated ambition of hitting $1 billion in gross merchandise value by 2015,” Flipkart co-founder and chief executive of FlipKart Sachin Bansal.

Started in 2007 with books, Flipkart entered the consumer electronics category with the launch of mobile phones, in September 2010.

In addition to these, Flipkart has also made a foray into the emerging digital content market with the recent launch of Flyte, the digital music store.

The company has its own delivery network in 37 cities and is set to expand this in the current financial year. With a team of around 4,800 members, the company operates from offices and warehouses in seven Indian cities.