Flipkart Drops Plans to Go Public After Raising $1 Billion Funding


BANGALORE: India's largest e-Commerce firm Flipkart said that it raised $1 billion (over 6,000 crore) - the largest so far in the fiercely competitive online shopping segment in the country - in fresh funding from a group of investors.

The company did not disclose its new holding pattern.

The sources said, however, that with this round of fund raising, Flipkart was now valued at about $7 billion (around 42,000 crore).

Co-led by existing investors Tiger Global Management and Naspers, Singapore's sovereign wealth fund, GIC, Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina also participated in this latest financing round.

The Bangalore-based firm will utilize funds on expanding its online and mobile services, focusing on areas like Research and Development (R&D), enhancing customer experience and seller base.

Flush with cash, Flipkart is also scouting for acquisitions, which can help it expand into newer technologies like wearables and robotics, a move that it believes will impact mobile commerce in the days to come.

"The funds will be used to make long-term strategic investments in India, especially in mobile technology," Flipkart co-founder and CEO Sachin Bansal told reporters in Bangalore.

The focus at Flipkart was to continue making online shopping simpler and more accessible through the use of technology, he added.

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Source: PTI