E-commerce major Flipkart today that announced it raised a fresh round of funding worth $700 million. The company said new investors Baillie Gifford, Greenoaks Capital, Steadview Capital, T Rowe Price Associates and Qatar Investment Authority participated in the fundraising along with existing investors DST Global, GIC, ICONIQ Capital and Tiger Global, who also participated in this latest financing round.
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, Flipkar said in a press note.
Along with the latest round of funding, Flipkart Limited (incorporated at Singapore) has filed with ACRA Singapore for conversion to a Public Company. This is a mandatory procedure for all companies where the number of shareholders exceeds 50.
“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, said Flipkart.
Flipkart offering over 20 million products cross 70+ categories including books, media, consumer electronics and lifestyle. The company is currently 20,000 people strong, has 26 million registered users clocking over 8 million daily visits and delivers 5 million shipments per month. Flipkart has been on an investment spree ever since its acquisition of Myntra in May.
Private investors have poured billions into India’s e-tailers so far this year. The e-commerce market in the country is estimated at $11 billion and it is expected to stand at $20 billion by 2015, a compounded annual growth rate (CAGR) of 37 per cent through 2013-15, according to a recent report by Motilal Oswal Securities.