Despite all the upheaval at Flipkart, the e-commerce company is said to be looking at raising $1.5 billion from potential investors including Microsoft, eBay, PayPal, and Tencent Holdings. Also Read - Flipkart Mobiles Bonanza sale top deals: iPhone SE, Poco X3 Pro and more on discountAlso Read - Cyberpunk 2077 back on Sony's PlayStation Store, with a special warning for PS4 owners
Citing sources familiar with the matter, Livemint reports that Flipkart is looking a valuation of $10-12 billion. This is far greater than the recent markdown by existing investors, who valued the e-commerce company at around $5.54 billion. The report adds that apart from Microsoft, eBay, PayPal and Tencent, Flipkart is also in talks with Google Capital for this funding round. The report further mentions that the discussions are set to be finalized within the next three months. BGR India has reached out to Flipkart for more information on the funding round. Also Read - Windows 11: Release date, top features to expect, how to upgrade and more
The $10-12 billion valuation remains lower than the last funding round 18 months ago, wherein Flipkart was valued at $15 billion. The company had managed to raise $700 million then from investors including Qatar Investment Authority, Greenoaks Capital, Steadview Capital, DST Global Tiger Global among others. ALSO READ: Kalyan Krishnamurthy is Flipkart s new CEO, Nitin Seth to serve as COO
If Flipkart does manage to get the funding, it will be of great advantage in its fight with arch rivals Amazon. With the likes of China s Alibaba also looking at ways to enter the Indian market, competition is only set to get tougher. The funding round also comes at a time when India s e-commerce industry is witness slowing of growth. US research firm Forrester has slashed projections for online retail in India to $48 billion by 2020, from $75 billion estimated last year.