E-commerce retailer is reportedly known to have raised over over $1 billion (Rs 6,000 crore) and is likely to announce the fund-raising by next week as confirmed by people aware about the development, reports a leading daily. The money will come from its existing investors Tiger Global, DST and Accel Partners along with some new investors, report said.
US-based investment company T Rower Price and Singapore’s sovereign wealth fund GIC are interested in investing in Flipkart, the paper stated. With this deal, Flipkart total funds raised till now will stand at over $1.7 billion, valuing the online retailer at over $5 billion.
In order to compete with Amazon and Snapdeal, Flipkart seems to rapidly strengthen and expand its operations. Snapdeal had also raised funds worth Rs 600 crore in May from Premji Invest, BlackRock Inc., Temasek, Tybourne, and Myriad.
Amazon has been investing in its India operations expanding to over 25 product categories. It has also launched initiatives like next-day and sameday delivery and is indulging in a big marketing campaign.
Flipkart acquired Myntra in May and launched initiatives like same-day delivery in several cities along with at-home trials for some of the fashion categories.
