Flipkart gears up against Amazon threat, raises $1 billion: Report
Sources privy to the development have told the news media outlet that the e-commerce website secured its latest funding on Friday at a valuation of about $10 billion.
Indian unicorn Flipkart completed a USD 1 billion fundraising round and has its eyes set on raising another USD 1 billion in the next few months, reports Bloomberg.
Sources privy to the development have told the news media outlet that the e-commerce website secured its latest funding on Friday at a valuation of about USD 10 billion.
Flipkart, India's largest e-commerce company has been fighting against outsider Amazon to secure its market dominance but lately has been struggling going toe-to-toe with the US giant.
Since 2015 there has been a gradual drop in Flipkart's valuation. It has declined from USD 15.5 billion to USD 10 billion. In the beginning of this year, Kalyan Krishnamurthy of New York's Tiger Global Management replaced one of the company's founder and was appointed as the CEO.
This round of fund raising shows that investors still have faith in Flipkart and see it recapturing market share it lost to Amazon.in.Many have drawn parallels between the current Indian startup scenario and the dot-com bubble of US. In the recent past many Indian startups had to shut shop or are facing a funding drought.