Flipkart raises $700 million in fresh round of funding

Moneycontrol Bureau

India’s e-commerce giant Flipkart on Saturday announced that it has raised USD 700 million in a fresh round of funding from Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority.

The company’s existing investors -- DST Global, GIC, ICONIQ Capital and Tiger Global – 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, the company said in a statement. Flipkart Ltd (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,” the company statement said.