Flipkart, the big daddy of the Indian e-commerce is about to get bigger. The company has raised eye popping $1 billion (Rs. 6000 Crore) in the latest round of funding from new and existing investors, according to a report from the Economic Times.
The report suggests that half of the amount will come from existing investors Tiger Global, Russian billionaire Yuri Milner’s DST and Accel Partners while the rest will come from several new investors. Flipkart is expected to announce the funding by next week as per the report. The total amount of funding raised by the company now stands at over $1.7 billion, valuing the online retailer at over $5 billion. In May Flipkart secured $210 million from DST Global and others in funding.
Started as a book retailer in 2007, Flipkart gradually snowballed into a full-fledged e-commerce behemoth by expanding to categories like electronics, home decor, fashion apparel and lifestyle. The company is clear leader in the Indian e-commerce scenario but has been facing tough competition from other strong players like Amazon, Snapdeal and eBay for some time now. The company acquired fashion and lifestyle portal Myntra in May to further strengthen its position. It also crossed $1 Billion sales in March this year.
Source: Economic Times