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India's largest e-commerce player
Flipkart has closed a $500-600 million fresh financing round led by its
existing large investors at a massive pre-money valuation of $10 billion,
giving it further ammunition to fight out rivals Amazon and Snapdeal.
In This Pic : Sachin Bansal, Binny Bansal
Pic Courtesy : BCCL
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Tiger Global, South Africa's
Naspers and Yuri Milner's DST Global, along with others, have pumped in $50-100
million each in the new round with a new investor chipping in a nominal amount,
sources familiar with the matter told TOI. At the company's board meet in
Singapore recently, the fund-raise was formalized and an announcement could be
made shortly.
In This Pic : Fund-raise values Flipkart at $10 billion
Pic Courtesy : BCCL
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The latest fund-raise saw the
participation of only one new investor, sources said. TOI had reported in its
November 10 edition that Flipkart was in the midst of raising fresh capital
just three months after it closed a $1-billion raise, valuing it at $7 billion
then.
In This Pic : Fund-raise values Flipkart at $10 billion
Pic Courtesy : BCCL
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Sources said the latest move was part of
Flipkart's regular fund-raising plans till it readies itself to go public on
the US bourses in the next 36 months. As reported by this newspaper, the
company could raise anywhere between $2 billion and $3 billion within this time
frame. In an emailed response, a Flipkart spokesperson said the company had no
comments to offer.
In This Pic : Fund-raise values Flipkart at $10 billion
Pic Courtesy : BCCL
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This would be the third
fund-raise this year for the company, which was started by two ex-Amazon
employees Sachin Bansal and Binny Bansal (not related) — who were also batch
mates at IIT-Delhi — as an online bookstore in Bangalore. Since then, the
seven-year-old company has expanded to become a horizontal e-commerce player
selling electronics, fashion and baby care, among many other categories.
In This Pic : Fund-raise values Flipkart at $10 billion
Pic Courtesy : BCCL
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