It has been a busy year for indian e-commerce giant, Flipkart. After completing a US$210 million round in May 2014 and a $1 billion round in July 2014, the Bangalore based company is closing the year with a fresh US$700 million investment round.
This round of funding saw participation from new names such as Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associatesand Qatar Investment Authority, along with existing investors: DST Global, GIC, ICONIQ Capital and Tiger Global, who also participated in this latest financing round.
This makes the total capital raised by the company, often dubbed the Amazon of India, to around $2.5 billion, since the company was started in 2007 by ex-Amazon employees Sachin Bansal and Binny Bansa.
According to a statement released by the company, “As with previous funds raised, these funds will be used towards long-term strategic investments in India and to build a world-class technology company, delivering superior customer experiences.”
The Singapore incorporated company has also taken another step towards shedding the startup title by filing with ACRA (Account and Corporate regulatory authority) Singapore for conversion to a Public Company. This is a mandatory procedure for all companies where the number of shareholders exceeds 50.
According to Flipkart though, speculators shouldn’t jump to any conclusions because as the company said , “This filing ensures we are in compliance with the laws of Singapore and is in no way indicative of any upcoming IPO or of any corporate activity that the company is engaged in either in Singapore or any other part of the world.”