Indian E-commerce giant Flipkart today announced that it raised a fresh round of funding of $700 million. The company said new investors Baillie Gifford, Greenoaks Capital, Steadview Capital, T Rowe Price Associates and Qatar Investment Authority participated in the fundraising along with existing investors DST Global, GIC, ICONIQ Capital and Tiger Global, who also participated in this latest financing round.
The fresh round brings Flipkart’s overall fund raising this year to nearly $2 billion. The company is now the most shouted technology company across the globe with valuation of more than $11 Billion.
The company which is incorporated in Singapore now exceeded 50 shareholders and has filed for conversion to a Public Company.
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, said Flipkart.
Flipkart now offers over 20 million products across more than 80 categories including books, electronics, consumer goods etc. The portal now has 26 million registered users clocking over 8 million daily visits and delivers 5 million shipments per month.
Recently the company rasied $600 million last month from Tiger Global, South Africa’s Naspers and Yuri Milner’s DST Global, along with others.