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Flipkart will announce possibly as early as next week that it has raised over $1 billion (Rs 6,000 crore), the biggest ever fund-raising by an Indian e-commerce company, two people aware of the development said.
In This Pic : Flipkart
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Half of the amount will come from existing investors Tiger Global, Russian billionaire Yuri Milner's DST and Accel Partners while the rest will come from several new investors.
In This Pic : Flipkart
Pic Courtesy : BCCL - Non Copyright
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Among those who are said to be interested in investing in India's largest online retailer are Singapore's sovereign wealth fund GIC and USbased investment firm T Rowe Price. With this latest deal, India's biggest online retailer will have raised over $1.7 billion, valuing it at over $5 billion.
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A billion dollars in fresh funding is not just a first for the Indian startup ecosystem, but is also among the biggest fund raises globally this year. In June this year, Silicon Valley-based Uber raised $1.2 billion at a valuation of around $17 billion.
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Flipkart is rapidly scaling up its operations as it competes with Amazon.in and homegrown competitor Snapdeal.
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