Last year, Flipkart had raised $360 million in two tranches.
Flipkart, India's largest e-commerce marketplace, recently announced a $700 million investment with new investors - Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority, along with existing investors like 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 said in a statement.
The firm has also informed that its parent 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.
Last year, Flipkart had raised $360 million in two tranches from Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina, Vulcan Capital, and Tiger Global.
Launched in October 2007 by Sachin and Binny Bansal, Flipkart offers over 15 million products across various categories including Books, Media, Consumer Electronics and Lifestyle. The firm currently employs 14,000 workforce and has 22 million registered users clocking over 4 million daily visits. Its exclusive partnerships with local artisans and manufacturers through FISME and NCDPD has encouraged a rapidly growing community of regional entrepreneurs to get their business online.