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Flipkart Raises $700 Million in Fresh Round of Funding

Flipkart Raises $700 Million in Fresh Round of Funding

By NDTV Correspondent | Updated: 20 December 2014 11:09 IST

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E-commerce marketplace Flipkart announced on Saturday it has raised $700 million (Rs. 4,434 crores approximately) in a fresh round of funding from Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority.

Here is the company's statement in full:

Flipkart, India's largest e-commerce marketplace, today announced a US $ 700 million investment with new investors: Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority, along with existing investors: DST Global, GIC, ICONIQ Capital and Tiger Global, who also participated in this latest financing round.

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.

Flipkart Limited (incorporated at Singapore) has filed with ACRA Singapore for conversion to a Public Company. This is a mandatory procedure for all companies where the number of shareholders exceeds 50. This filing ensures we are 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.

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Further reading: E commerce, Flipkart, India, Internet