Flipkart raises $700 million from new investors
Flipkart, India’s largest e-commerce marketplace, has raised $700 million investment from new as well as existing investors.
This is the e-commerce giant's third fund rasing in 2014. In May, Flipkart had raised $210 million (Rs 1,200 crore), while it raised $1 billion (Rs 6,000) in July 2014.
The new investors include Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority Stock Market Trading Tips
This is the e-commerce giant's third fund rasing in 2014. In May, Flipkart had raised $210 million (Rs 1,200 crore), while it raised $1 billion (Rs 6,000) in July 2014.
According to various reports, the latest fund raising has increased Flipkart's valuation to $11 billion.
The new investors include Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority Stock Market Trading Tips
The latest fund raising also saw existing stakeholders - DST Global, GIC, ICONIQ Capital and Tiger Global - raising their exposure to the company.
Flipkart's rival Snapdeal had received $627 million from Japan's SoftBank in October.
"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 company said in a statement Financial Astrology Trading Tips
According to the statement, Flipkart Limited (incorporated at Singapore) has filed with ACRA Singapore for conversion to a public company, which is a mandatory procedure for all companies where the number of shareholders exceeds 50.
Launched in October 2007, Flipkart claims to have 26 million registered users clocking over 8 million daily visits Nifty Trading Tips
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