India’s biggest e-commerce player Flipkart has raised another $500-600 million fresh financing round led by its existing large investors at a whooping pre-money valuation of $10 billion.
According to a TOI report, Tiger Global, South Africa’s Naspers and Yuri Milner’s DST Global, along with others, have pumped in $50-100 million each in the new round with a new investor chipping in a nominal amount. At the company’s board meet in Singapore recently, the fund-raise was formalized and an announcement could be made very soon.
This is the third fund raising round by Flipkart in this year alone. They had raised eye-popping $1 billion in July and $210 million from DST Global in May 2014.
“Although there was a lot of interest from new investors, Flipkart was not keen on raising more money at this point. This new round is largely being done by the large existing investors,” said a source to TOI.
With this fresh round of funding Flipkart has raised a total of $2251–2351 Million till now.
Last month, Japan’s SoftBank invested $627 million into online retailer Snapdeal, which is the evidence that though the e-commerce market is running with great loss but the VCs have the foresightedness that it’ll again take pace in the coming years.