Flipkart has hit it big this time. The firm also most commonly known as India’s largest e-commerce firm in the business world has been successful in raising over $500 million in its latest funding round. This latest round of funding has now valued the e-commerce giant at a whopping $15.5 billion.
The latest round only allowed the firm’s existing investors to participate and out of them, Tiger Global walked away as the most prominent investor.
With the e-commerce giant being now valued at $15.5 billion, the net worth of its two investors Binny Bansal and Sachin Bansal is all set to escalate up to $1.16 billion each.
The two former Amazon executives have identical stakes of 7.5% in the 2007 launched e-retailer site.They will also have the honor of being the country’s first e-commerce entrepreneurs to turn billionaires.
The e-commerce giant had raised $1.9 billion in funding last year.Its valuation had increased from $3 billion to $11 billion within the span of that one year.
The e-commerce giant’s investors include the Qatar Investment authority, DST Global and Naspers.
According to speculations going around, Flipkart is even considering raising more capital in the form of a large round of debt.
The e-commerce firm needs funds in order to stay ahead in this competitive e-commerce market. One of the firm’s latest buys includes a $2 million square feet office space in Bangalore. The deal is being called as the country’s largest commercial real estate deal till date.