Flipkart is said to be close to raising another round of funding, at a valuation of over $10 billion, Wall Street Journal reports. This would be the e-commerce company s third round of investment this year, having already raised $210 million and $1 billion. Also Read - Infinix Smart 5A launched in India with a competitive introductory price: Details hereAlso Read - Massive discount on Samsung Galaxy F12: Budget Samsung phone now under Rs 10,000
There is no word on how much Flipkart is seeking, only that it will be valued over $10 billion. Back in May this year, Flipkart raised $210 million at a valuation of $3 billion, and $1 billion in July at a valuation of $7 billion. As for investors, the publication s sources say that Flipkart s existing investors like Tiger Global Management, Accel Partners and DST Global among others will be participating in this round. Also Read - Flipkart Big Saving Days sale from Aug 6 to Aug 10: Details here
The Indian e-commerce industry is booming with Gartner claiming that the market will touch $6 billion in 2015, a 70 percent increase over 2014 revenue of $3.5 billion. In the next four to five years, experts claim that the market would be worth close to $70 billion. The number of online shoppers too is on a rise, and is expected to touch 40 million in the next two years, from the current 25 million.
In this scenario, it is hardly surprising that companies are looking at investing huge amounts of money into the Indian e-commerce players. Some of the highlights this year include Amazon investing $2 billion into its Indian operations, and more recently Japan s Softbank announced that it would be investing a whopping $627 million (approximately Rs 3,845 crore) into Snapdeal.