India’s ecommerce giant Flipkart raises US$1B: Report

If the news, as reported by a prominent media platform in India, is true, the new investment is one of the biggest fund raises globally this year

flipkart

Flipkart has raised another round of funding, according to a report by Economic Times, one of the leading business newspapers in India. And this time the amount is mind-boggling! The India e-commerce giant has raised US$1 billion in the latest round of funding, the report says.

It said that the deal is done and the official announcement should come in a week or two. The investment is one of the biggest fund raises globally this year.

Also Read: News in Shorts raises funds from Times Internet, Flipkart Co-founders

Half of the amount will come from existing investors Tiger Global, Russia-based DST Global and Accel Partners, while the rest will come from new investors, said The Economic Times.

Flipkart recently raised US$210 million in May from DST Global, Tiger Global, Naspers and Iconiq Capital.

Yuri Milner, Founder, DST Global in an earlier conversation said, “Flipkart is one of the fastest growing internet companies globally, led by visionary founders. It is well placed to capitalise on the significant opportunity in the fast growing Indian e-commerce market.”

Flipkart’s other investors include Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital.

Also Read: Flipkart joins hands with industry bodies to boost MSMEs in India

Maneka Tanwani

Passionate about the English language, writing is Maneka's first love. Putting her thoughts on paper makes her happy, and getting paid to do what she loves is the cherry on the cake! She has about eight years of experience in the Indian media space. A business journalist, she has worked across genres such as business technology, HR, leadership, marketing, advertising, etc. Maneka is based in Mumbai, India.

Related posts

Top