Flipkart today announced that it has received US$ 700 million investment with new investors: Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates​ and Qatar Investment Authority, along with existing investors: DST Global, GIC, ICONIQ Capital and Tiger Global, who also participated in this latest financing round.
Last week there were reports that the online retail giant received $180 million from Hong Kong-based investment firm Steadview Capital, valuing the company at over $11 billion. Flipkart secured $210 million from DST Global earlier this May that was followed by $1 billion (Rs. 6,000 Cr) funding from new and existing investors in July.
The company acquired fashion and lifestyle portal Myntra in May to further strengthen its position. Flipkart competes with Snapdeal that secured $627 million in funding from SoftBank in October while Amazon announced $2 billion investmentt in India.
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, said Flipkart.