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2012-08-17

Flipkart seeking fresh round of investment

E-commerce giant Flipkart.com might receive fresh funding soon during this year. As per recent reports in media, the online shopping portal is about to raise $100 million (Rs 555 crore).

 

E-commerce giant Flipkart.com might receive fresh funding soon during this year. As per recent reports in media, the online shopping portal is about to raise $100 million (Rs 555 crore).

When questioned, CEO and co-founder Binny Bansal refused to comment.

Earlier, Flipkart received $80 million as a part of funding which included four investment rounds till now. Founded by Binny and Sachin Bansal, the company was pumped with funding money by Tiger Global Management LLC and Accel Partners.

 In 2011 , Flipkart was seeking ways  to raise capital and fastened its valuation to around $1 billion. However, it also received an undisclosed amount of investment from its existing investors Tiger Global Management LLC and  Accel Partners, that later revealed its valuation to the amount of $850 milion.

Flipkart has a wide range of products comprising toys, electronic gadgets, books, perfumes and computers.

“We are planning to diversify and will add apparel to our product list on offer,” informed Binny Bansal to Small Medium Entrepreneur magazine.

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