Flipkart confirms $700M funding and $15.2B valuation
Just a week after the announcement of Forbes billionaires list which accommodated Sachin and Binny Bansal with $1.3 billion each, Indian e-commerce giant has confirmed raising $700M funding round at $15.2 billion valuation. The spokesperson denied to share the details of the investors participating in this round. This round was first reported in July where it was further mentioned that New York-based investment firm Tiger Global and existing investors including Steadview Capital participated in the fundraise.
Earlier, Flipkart raised the last round of $700M in December 2014 and Flipkart Limited (incorporated at Singapore) filed with ACRA Singapore for conversion to a Public Company.
The current round takes the total amount of funding to a whopping $3.2 billion in 12 rounds from 16 investors. Among the other major players in Indian e-commerce space, Snapdeal has raised a total of $1.5 billion in 10 rounds from 19 investors. Paytm has raised more than $500M with the backing from Alibaba.
Flipkart acquired Myntra last year and the duo command more than 50 percent market share in online fashion space with Myntra targeting $1B revenues by 2016. In the beginning of 2015, Flipkart acquired Adiquity and Appiterate as well.
Earlier this year, Binny had shared the vision of the company and how it is targeting domains of commerce, supply chain and advertisement. He mentioned that Flipkart sees its future in mobile, data and platform. Bengaluru-based eight-year-old e-commerce firm recently shifted to a new office as well. The company has hired some key talent from Silicon Valley this year, but at the same time seen a number of senior management leaving the firm as well. Mekin Maheswari, ex-Chief People Officer was the latest to join the list. Amod Malviya who was heading technology, along with Sameer Nigam and Saran Chatterjee from engineering team had also left the company recently. While Saran became the new CEO of Housejoy, Amod turned investor with Snapshoppr.