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. Also Read - Nothing Ear 1 gets a temporary price cut on Flipkart: Here's the new priceAlso Read - Flipkart Mobile Bonanza sale: Best deals on Poco M3, iPhone 12 mini, ROG Phone 3 and more
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. Also Read - Flipkart, the Walmart-backed e-retailer ventures into healthcare sector with Flipkart Health+
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.