Flipkart has raised $700 million (Rs 4,500 Cr) in the latest round of funding, as per a latest report from the Economic Times. The latest round of funding will value the homegrown e-commerce major at $15 billion.
This round of funding saw the participation from existing investors including Steadview Capital, said the report. Flipkart’s funding follows Amazon’s recent announcement about pumping $5 billion in India in order to expand its operations and launch new services. The company raised $700 million funding in December last year. Flipkart secured $210 million from DST Global in May that was followed by $1 billion (Rs. 6,000 Cr) funding from new and existing investors in July last year. The company acquired fashion and lifestyle portal Myntra in 2014 to further strengthen its position.
Last month, it was reported that Flipkart is eyeing to hit $10 billion GMV in a year’s time.The company is looking forward to expand its catalouge by adding new categories and deal in new areas like homes, travel and groceries by the end of this year. Flipkart claims to have 26 million registered users, clocking over eight million daily visits. It is all set to go app only by September this year as more than 75% of its traffic comes from mobile devices. The company competes with Amazon that invested $2 billion in India and Snapdeal that secured $627 million in funding from SoftBank in October last year.