Flipkart has reportedly raised $1 billion or Rs 6,000 crores in the latest round of investment. The Indian e-commerce site is set to announce the investment as early as next week, EconomicTimes reports.
According to the publication, majority of the investment comes from existing investors including Tiger Global, Russian Internet tycoon Yuri Milner’s DST Global and Accel Partners. The rest will come from new investors that are said to include Singapore’s GIC and US-based investment firm T Rowe Price.
Prior to this round, Flipkart had raised $540 million and $210 million in two separate investment rounds. With a combined investment of more than $1.7 billion, the e-commerce company is now valued at over $5 billion.
Flipkart has been fighting the likes of Amazon India and Snapdeal to dominate the booming Indian e-commerce market. As of May, Flipkart has over 18 million registered users, 3.5 million daily visits and has technology that ships 5 million shipments a month. Earlier this year, it achieved $1 billion in gross sales. Recently, Flipkart also acquired Myntra in excess of $300 million, and also announced that it would invest more than $100 million in Myntra.