Bengaluru based Indian e-commerce major Flipkart has raised $700 million in new round of funding from new investors. With new funding from Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority, total shareholders count has increased to more than 50.
"Flipkart Limited (incorporated at Singapore) has filed with ACRA Singapore for conversion to a Public Company. This is a mandatory procedure for all companies where the number of shareholders exceeds 50," Flipkart said in a statement.
Flipkart said that the funds raised will be used towards long term strategic investments in India and to build a world class technology company, delivering superior customer experiences.
This latest deal has raised Flipkart's valuation at about $11 billion (Rs 69,000 crore) which is more than some of India's largest consumer companies, including Godrej Consumer which is estimated to be worth Rs 31,000 crore and Dabur India, which is valued at about Rs 41,000 crore. Flipkart has even reached to a valuation which is nearly half of India's fourth-largest IT services firm Wipro.
Flipkart gng at a pace
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