The leading Bangalore based online retailer Flipkart, also considered the Amazon of India, has successfully raised Rs 990 crore (USD 160 million) from existing and new investors, completing its fifth round of funding where it mopped up a total of nearly Rs 2,200 crore (USD 360 million).
According to an Economic Times report, the latest fund raising values Flipkart at over USD 1.6 billion, which is more than the total combined worth of all 15 listed retail companies, including Future Retail, Shoppers Stop etc. The report said that its valuations have even crossed some banks like IDBI Bank, Central Bank, among others.
Flipkart plans to use the funds for further building its technology and supply chain capabilities, develop a talent pool, and enhance the end-user experience. In July, the company had raised USD 200 million (Rs 1,200 crore) from some existing investors while the new investors include Morgan Stanley Investment Management, Sofina and Vulcan Capital, and Dragoneer Investment Group.
Dion Global Solutions Ltd.