One of India’s largest e-commerce retailer, Flipkart, , has raised $700 million in fresh investment from existing as well as a clutch of new investors.
The new investors include, Greenoaks Capital, T Rowe Price Associates, Qatar Investment Authority, Baillie Gifford and Steadview Capital.
This is the third time in 2014 that Flipkart has raised fresh capital. Earlier in May and July, the online retailer had raised $210 million and $1 billion, respectively.
As a result of this new round of funding, the ecommerce retailer has been able to mop up new funding totaling to $1.91 billion in 2014 alone.
Existing investors like Tiger Global, GIC, DST Global and ICONIQ Capital too have invested in this round of funding.
Flipkart in a statement said, “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.”
Flipkart, incorporated in Singapore, has filed with the regulatory authority in that country - ACRA Singapore for conversion to a public company, a mandatory procedure for all companies, when shareholder numbers exceed 50.
The statement added, “This is however, is in no way indicative of any upcoming Initial Public Offering (IPO) or of any corporate activity that the company is engaged in either in Singapore or any other part of the world.” (AR)
