India’s e-commerce poster boy Flipkart has managed to raise $700 million in a new funding round. The biggest new investor is Qatar Investment Authority which has picked up a $150 million stake. Also Read - Happy International Friendship Day 2021: Best tech gifts under Rs 2,000Also Read - iPhone SE gets cheaper on Flipkart only for today: Get over Rs 11,000 flat discount
Many new investors participated in this latest financing round, including Greenoaks Capital, Steadview Capital and T Rowe PriceAssociates. Old investors like DST Global, GIC, ICONIQ Capital and Tiger Global also participated. Also Read - iPhone 12 for iPhone 11 launch price at Flipkart Big Saving Days sale, iPhone 12 Mini alse sees discount
This is Flipkart’s third funding round in the year amounting to total sum of $2 billion raised. The company projects a $4-billion revenue run rate by March next year. The company had received $210 million in a fundinground in May this year. In July, the company had also raised $1billion in a fresh round at a valuation of over $5 billion by the existing investors Tiger Global, DST and Accel Partners and from several new investors. The company is currently valued at $11 billion. The newly raised $700 million funds will be used towards long-term strategic investments in India, improve technology and superior customer experience, the company says.
Flipkart has also announced that it has filed with ACRA Singapore (as the company is incorporated in Singapore) for conversion to a public company. According to Singapore Law, going public is mandatory after the number of shareholders exceeds 50 members.
The company however ensured, “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.”
Here’s the full statement by Flipkart:
Flipkart, India s largest e-commerce marketplace, today announced a US $ 700 million investment with new investors: Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe PriceAssociates and Qatar Investment Authority, 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.
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.