After becoming India's highest fund raising company in 2014, India's e-commerce giant Flipkart is all set to raise fresh and its first funding in year 2015 and that's too whopping $1.7 billion in the coming months reported Economics Times.
Last year, in July Flipart raised $1 billion and became one such startup who got biggest ever fund raising by any Indian startup ever or by any e-commerce company in India. In 2014 alone Flipkart raised around $ 2 billion three different instances of funding.
Flipkart is looking at a valuation of around $15 billion in the latest funding round anchored by its biggest investor, US-based Tiger Global Management. Tiger could invest up to $700 million in several tranches, these sources said.
Flipkart is already valued at $11 billion and the latest valuation made the Bangalore startup to be among top-5 biggest privately-held technology startups in the world.
Flipkart was still to receive money from its last fundraising round of December last year from Honkong’s Steadview Capital, thereby suggesting that a fresh fundraising was not imminent.
If this fresh funding deal would be completed by Flipkart then it will catapult Flipkart into the ranks of India's most pricey companies, with its valuation double that of other publicly-listed consumer companies, notably Godrej Consumer Products that has a market capitalisation of about Rs 40,000 crore and Dabur India with a market capitalisation of about Rs 47,000 crore.
The new funds collected will be used by Flipkart to strengthen its position at the top of India's booming but fiercely competitive e-commerce sector that, according to an estimate by Nomura, is projected to be worth $43 billion by 2018.
On 20 December 2014, Flipkart announced filing application with Singapore based companies' regulator ACRA to become a public company after raising USD 700 million for long term strategic investments in India following which its number of investors exceeded 50.
Currently, Flipkart aims to double the total value of goods it sells to $8 billion this year. Flipkart aims to ship one billion units a month and to serve 100 million customers by 2018 fiscal year
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