India’s largest e-commerce player Flipkart has closed a $500-600 million fresh financing round led by its existing large investors at a massive pre-money valuation of $10 billion, giving it further ammunition to fight out rivals Amazon and Snapdeal. 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, sources familiar with the matter told TOI. At the company’s board meet in Singapore recently, the fund-raise was formalized and an announcement could be made shortly.
The latest fund-raise saw the participation of only one new investor, sources said. TOI had reported in its November 10 edition that Flipkart was in the midst of raising fresh capital just three months after it closed a $1-billion raise, valuing it at $7 billion then. Sources said the latest move was part of Flipkart’s regular fund-raising plans till it readies itself to go public on the US bourses in the next 36 months. As reported by this newspaper, the company could raise anywhere between $2 billion and $3 billion within this time frame.