Flipkart just keeps getting bigger and bigger. The homegrown e-commerce player is looking forward to raise another huge round of funding, as per a report from The Economic Times.
Flipkart is eyeing to raise a whopping $1.7 billion in coming months, said the report. If the latest round of funding is a success, the e-commerce giant will be valued at over $15 billion. Last year, Flipkart raised $180 million in funding from Hong Kong-based investment firm Steadview Capital in December. In the same month, the company again secured $700 million investment from new investors. In May last year it received $210 million funding from DST Global and finally in July it raised a massive $1 billion funding from new and existing investors.
The report further states that one of the oldest investors in Flipkart, Tiger Global Management could invest upto $700 million in the latest funding. Another source told the publication that Tiger Global might invest in Flipkart from the $2.5-billion (Rs 15,500 crore) funding that is raised in 2014. The raised funding will enable Flipkart to further boost its position as a strong player in Indian e-commerce market.
Flipkart claims to have 26 million registered users, clocking over eight million daily visits. 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.