Flipkart has secured a fresh round of funding following a report last week. The homegrown e-commerce giant has received $180 million from Hong Kong-based investment firm Steadview Capital, as per a report from The Economic Times.
The latest round of funding brings the total valuation of Flipkart to more than $11 billion (Rs 69,000 crore). According to the report this new investment round could see some older investors exiting. Steadview has earlier invested in furniture e-tailer Urban Ladder and radio cab app for Olacabs. Flipkart secured $210 million from DST Global in May this year that was followed by the whopping $1 billion (Rs 6,000 Cr) funding from new and existing investors in July valuing the company at $7 billion.
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 investment in India.