Flipkart Raises A Whooping US$1 Billion Funding Round.
E-commerce giant Flipkart has recently raised a total of $1 billion investment from exisiting invest ors DST Global, Tiger Global, Accel Partners and several other new joining investors. Sources have commented to the publication that this deal is done and the investment is expected to be announced during the coming week or so.
If this announcement is true, then this will lead to being one of the largest investment raised by an Internet company in ind and probably one of the largest investment raised by an Internet company worldwide. Post this investment, the company apparently valued around $5 billion.
This recent investment comes along with the raise of $210 million from DST Global and existing investors Tiger Global, Naspers, and Iconiq Capital during May of the previous year and $360 million from Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina, Vulcan Capital, and Tiger Global Late last year, The company has secured a total amount of $751 million investment till now.
It’s currently unclear on what exactly Flipkart plans to utilize this recently secured investment, but the company shall possible use this investment to further strengthen its position in the country, where the combat is now essentially between three key marketplaces, those being Amazong India, which is aggressively launching more of its categories onto its site, eBay-backed Snapdeal which raised over $100 million from Temasek, BlockRock Inc, Myraid, Premji, and Tybourne during May and Flipkart.
Much earlier during May, Flipkart manage to acquire the online fashion store Myntra and had announced plans of investing up to that of $100 million towards Myntra during the coming future. Post Acquisition, CEO of Myntra, Mukesh Bansel, has joined up with the Flipkart board and is currently heading the Flipkart’s fashion business.