A week ago, we reported how there were strong rumours in the Indian Startup market that the country’s biggest e-commerce company, Flipkart is on a mission to raise $1 billion in funding, and has already met several investors in this regard. And now comes the news, that the Bengaluru-based giant has reportedly been successful in raising the aimed $1billion in its latest funding round, which brought on board several celebrated names like tech giant Microsoft, popular American online auction site eBay and Chinese internet giant Tencent.
In our earlier report, we had also said that not only is the company aiming a $1billion funding round, but it is also hopeful of raking in a “double digits” valuation. And according to a TOI report, the latest financing-round values the firm at $11 billion post-investment.
Though not officially announced yet, the latest funding round, which has been making waves in the Indian startup market for quite sometime, will come as light at the end of a tunnel for the giant as for the last couple of years the firm has gone through a slew of valuation markdowns by its existing investors in the backdrop of Jeff Bezos-led global e-commerce giant Amazon giving it a tough competition in the domestic market, courtesy its loaded pockets.
The homegrown e-commerce player was valued at a whopping $15.2 billion when it last raised capital from its existing investors two years ago, in July 2015. When successfully completed, the fund raise will be the largest capital infusion for an India-based internet startup after Flipkart had been successful in raising $1 billion three years ago, in 2014.
According to sources inside the company, Flipkart has been looking to raise funds since an year now, and had even held talks with Alibaba and Walmart in the process. But, unfortunately, those deals never materialised.
While Flipkart and eBay have decided to keep mum on the matter stating that the companies do not comment on market speculations, Microsoft and Tencent are playing it safe by not even responding to queries sent by the press. But, according to the TOI report, a source from the company had told them that there have been strong discussions about eBay India folding up into Flipkart after the investment takes place.
It is important to note here, that Kalyan Krishnamurthy, an ex-Tiger Global MD, who took over the role of Flipkart CEO last year, is also an ex-eBay executive. Under Krishnamurthy's leadership, the e-commerce firm has started stabilising its performance as its sales figures pipped Amazon’s during the last Diwali season, which also ended up generating interest from a lot of new investors. As of now, New York-based Tiger Global is the largest investor in Flipkart and has shelled out about $1billion in the India-based firm.
According to sources, the Flipkart funding announcement is likely to come soon. Keep watching the space for more details on the same.
In our earlier report, we had also said that not only is the company aiming a $1billion funding round, but it is also hopeful of raking in a “double digits” valuation. And according to a TOI report, the latest financing-round values the firm at $11 billion post-investment.
Though not officially announced yet, the latest funding round, which has been making waves in the Indian startup market for quite sometime, will come as light at the end of a tunnel for the giant as for the last couple of years the firm has gone through a slew of valuation markdowns by its existing investors in the backdrop of Jeff Bezos-led global e-commerce giant Amazon giving it a tough competition in the domestic market, courtesy its loaded pockets.
The homegrown e-commerce player was valued at a whopping $15.2 billion when it last raised capital from its existing investors two years ago, in July 2015. When successfully completed, the fund raise will be the largest capital infusion for an India-based internet startup after Flipkart had been successful in raising $1 billion three years ago, in 2014.
According to sources inside the company, Flipkart has been looking to raise funds since an year now, and had even held talks with Alibaba and Walmart in the process. But, unfortunately, those deals never materialised.
While Flipkart and eBay have decided to keep mum on the matter stating that the companies do not comment on market speculations, Microsoft and Tencent are playing it safe by not even responding to queries sent by the press. But, according to the TOI report, a source from the company had told them that there have been strong discussions about eBay India folding up into Flipkart after the investment takes place.
It is important to note here, that Kalyan Krishnamurthy, an ex-Tiger Global MD, who took over the role of Flipkart CEO last year, is also an ex-eBay executive. Under Krishnamurthy's leadership, the e-commerce firm has started stabilising its performance as its sales figures pipped Amazon’s during the last Diwali season, which also ended up generating interest from a lot of new investors. As of now, New York-based Tiger Global is the largest investor in Flipkart and has shelled out about $1billion in the India-based firm.
According to sources, the Flipkart funding announcement is likely to come soon. Keep watching the space for more details on the same.
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