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Online store, Flipkart raises Third Round of Funding of $700 Million

si Team
Thursday, January 8, 2015
si Team
Flipkart, an online store, raises third round of funding of $700 million from its new investors Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority. The new investments received the support of the existing investors DST Global, GIC, ICONIQ Capital and Tiger Global. With this, the total funding raised by the company goes up to $1.91 billion; the earlier funds raised includes $210 million in May 2014 and $1 billion in July 2014.

The company is planning to invest its new funding onto a long-term strategic investment in India and to showcase itself as a world class technology company. The new investments have evaluated the existing business of online e shopping to be $11 billion. However, the new investments have added total funding in the e-Commerce space to over $4 billion this year. Driven by the technology coupled with right solutions to the challenges of the customers have enabled Flipkart to be a frontrunner in the evolving market trends.

Sachin (CEO) and Binny Bansal (Chief Operating Officer) are the two key persons behind the inception of Flipkart in 2007. And since then, it has been increasing its dominance in the online e shopping business and also acquired many of the business entities on its path. Driven by its innovative approaches, Flipkart had launched a gamut of in-house products in mobile platform, Networking platform and others. Currently, Flipkart provides services in India and in Singapore and is wishing to expand itself to other geographical areas in the days to come. In Singapore, Flipkart is seeking for a public entity status to comply with the regulations, due to the increase in number of its shareholders exceeding above 50.
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