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Flipkart likely to raise $1.4 billion in new funding round
08 Jan 2016
  • Flipkart has started talks with investors to raise about $1.4 billion, as it keeps up its fundraising spree and tries to cement leadership in the online retail market, people aware of the development told the Economic Times.

  • US-based Sands Capital Management is in talks to lead the round with funding of $700 million, a source told the newspaper.

  • Existing investors are expected to bring in an equal amount. The valuation of the company could end up between $15 billion and $18 billion, the report said.

  • Flipkart has raised $2.6 billion as it tries to ward off challenges from competitors flush with cash or having the backing of moneyed strategic investors.

  • Founded by IIT-Delhi collegemates Sachin Bansal and Binny Bansal, the Indian e-commerce giant has said it is aiming to sells goods worth $12 billion in the year to March 2016, a three-fold increase compared with last year.

  • Amazon has said it will invest $7 billion in India, and Delhi-based Snapdeal has snagged nearly $1.3 billion since 2014 from blue-chip investors, while Paytm has brought the Alibaba group on board with investments of some $700 million, according to the ET report.

  • Bengaluru-based Flipkart is betting big on its advertisement business, which is being directly overseen by chief executive officer Sachin Bansal. It is also running pilots for a grocery delivery operation and looking to foray into the mobile wallet business through the acquisition of FX Mart.

 

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