A report of Wall Street Journal says that Indian Online giant Flipkart is said to be close to raising another round of funding which would give it a valuation of over $10 billion.
image : lonza.com
Is this the first time Flipkart is raising such a large amount?
This would be the third round of investment this year, having already raised $210 million and $1 billion. It has not been confirmed that how much capital would be raised but the valuation may go over $10 billion. Flipkart has already raised $210 million at a valuation of $3 billion, and $1 billion in July at a valuation of $7 billion.
Who will be the investors this time?
Flipkart’s existing investors like Tiger Global Management, Accel Partners and DST Global among others will be participating in this round.
Why inversters are pumping so much money in India.
Indian Ecommerce market has a potential of being a $70 billion industry in next 3-4 years.
Why it need funding?
Amazon investing $2 billion to expand its Indian operations, Japan’s Softbank announced that it would be investing $627 million into Snapdeal which means that they will all be back with very hardcore strategy to crush Flipkart down. Hence flipkart has to go to hunt for more money so as to compete in the market.
We wish you luck, Flipkart.com!!