India’s e-commerce giant Flipkart is set raise another waive in India’s e-commerce industry as the its is all set to raise another $1.5 billion in a fresh round of funding. Flipkart has begun shortlisting potential investors reports Economics Times citing two people with direct knowledge of the matter.
The fund-raising process is expected to begin in January 2015 and Flipkart is looking to target only a few investors that they want on board and the talks with investors haven’t started yet, said report.
Another report by WSJ states that some existing Flipkart investors are participating in this new round of funding. Existing backers include tech investment firm Tiger Global Management, venture-capital firm Accel Partners and DST Global, run by billionaire Yuri Milner.
The report by WSJ also claims that the latest round of funding will value Flipkart at more than $10 billion.
Earlier in July, Flipkart had raised $1 billion funding (roughly Rs. 6,000 crores). The fund raised by the company also became the biggest fund raising ever by an Indian startup and an e-commerce company in India.
This year Flipkart has raised a total of $1.2 billion and company would use the money of the latest possible round of funding to expand the portfolio of products available on its eponymous website, including packaged food and furniture.
Most recent, Snapdeal raised between $600 million to $650 million (Rs. 3,660 crores – Rs. 3,965 crores apprx.) from existing investors and Japan’s SoftBank.
A report by Gartner recently stated that the Indian e-commerce market would reach $6 billion in 2015, which will be a 70 percent increase over 2014 revenue of $3.5 billion.