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2015-02-18

Flipkart looks to raise over Rs 10K crore in next round of funding

The new capital will be used by Flipkart to bolster its position in India's fiercely competitive e-commerce sector.

Country's leading online retailer Flipkart has begun its preparations to raise another $1.7 billion (Rs 10,500 crore) in fresh round of funding in the coming months, according to various media reports.

The Bengaluru-based firm, which created a record in India's startup funding history last year by mopping up $1.9 billion in three rounds of fundraising, is looking at a valuation of around $15 billion in the latest funding round.

"It (the fundraising) is being considered," said a person directly familiar with the plan, adding that the amount being talked is about $1.7 billion.

E-mail queries sent to both Flipkart and Tiger Global did not elicit any response.

Flipkart's last fundraising round in December had pegged its valuation at $11 billion.

According to a latest media report, Tiger Global could be investing from its latest $2.5-billion (Rs 15,500 crore) fund that was raised in 2014, a significant portion of which has been earmarked towards internet-focused investments.

The new capital will be used by Flipkart to bolster its position in India's fiercely competitive e-commerce sector.

Although Flipkart is the biggest internet retailer by a comfortable margin, it has aggressive rivals in the form of Amazon's India unit and Snapdeal, which counts eBay and Japan's SoftBank among its investors. 

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