Home / Financial News / Flipkart now valued at $11 bn after raising another $700 mn

Flipkart now valued at $11 bn after raising another $700 mn

Flipkart, India’s largest e-commerce marketplace, has raised $ 700 million investment from new as well as existing investors.

This is the e-commerce giant’s third fund rasing in 2014. In May, Flipkart had raised $ 210 million (Rs 1,200 crore), while it raised $ 1 billion (Rs 6,000) in July 2014.

According to various reports, the latest fund raising has increased Flipkart’s valuation to $ 11 billion. 

The new investors include Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority. 

The latest fund raising also saw existing stakeholders – DST Global, GIC, ICONIQ Capital and Tiger Global – raising their exposure to the company. 

Flipkart’s rival Snapdeal had received $ 627 million from Japan’s SoftBank in October. 

“As with previous funds raised, these funds will be used towards long-term strategic investments in India and to build a world-class technology company, delivering superior customer experiences,” the company said in a statement. 

According to the statement, Flipkart Limited (incorporated at Singapore) has filed with ACRA Singapore for conversion to a public company, which is a mandatory procedure for all companies where the number of shareholders exceeds 50. 

Launched in October 2007, Flipkart claims to have 26 million registered users clocking over 8 million daily visits. 

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