Flipkart has just entered the league of Uber, Snapchat, Airbnb and Dropbox to become one of the most valued start-ups worldwide. The company is said have closed a fresh financing of $700 million putting the total funding value for the company to a whopping 2.5 billion. The latest round of finding included investors such as Baillie Gifford, Greenoaks Capital, Steadview Capital, T Rowe Price Associates and Qatar Investment Authority.
One of the company authority said “As with previous funds raised, these funds will be used towards long-term strategic investments in India and to build a world-class technology company, delivering superior customer experiences.”
This is the third fundraise for Flipkart this year having raised an eye-popping billion dollars in July valuing it at $7 billion then. It is also predicted that 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.
Flipkart is a Singapore entity and hence it has filed with ACRA, the national regulator of business entities and public accountants in Singapore, for conversion to a public company. This filing ensures that Flipkart is in compliance with the laws of Singapore and is in no way indicative of any upcoming IPO or of any corporate activity that the company is engaged in either in Singapore or any other part of the world.
Flipkart has already hit a $4 billion revenue run rate by striking exclusive deals with Motorola and Xiaomi. The company is also rising as a preferred online fashion retailer in India after acquiring Myntra
No comments:
Post a Comment