 "Dreaming big: Flipkart plans to raise another $1.5 bn, eyes $10 bn valuation")
It may have recently raised $1 billion as it attempts to take a dominant position in India, but Flipkart’s reportedly going to try raise another billion dollars as it continues to take on rivals who have also increased the size of their war chests.
According to a WSJ report, the e-retailer is planning its third round of funding in which it is hoping to be valued at $10 billion.
Flipkart is planning to raise $1.5 billion and the company is short listing investors for the round of fund raising which is expected to be held in January 2015, but is being picky and choosy “to target” select groups to invest in them, said an Economic Times report.
Flipkart will reportedly use most of the funds it will raise by the middle of 2015 and will be putting more “marketing muscle” behind in-house brands like Myntra and others while scouting for other acquisitions as well.
The e-tailer has completed two rounds of funding in 2014 with the first one in May and the next one in July, raising $1.2 billion.
The round of funding in July was led by existing investors Tiger Global Management and Naspers, Singapore’s sovereign wealth fund, GIC, along with existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina. It is estimated that the company has so far raised over $1.7 billion from investors.
After raising $1 bn, estimates had suggested that the unlisted company was valued at $7 billion (approximately Rs 42,000 crore). Founders Sachin and Binny Bansal, however, have in the past stated their ambition to make the e-retailer a company valued at $100 billion.
Rivals like Amazon India and Snapdeal, however, have also shown no signs of backing down with the former pledging to invest $2 billion into operations in India while Snapdeal raised $650 million from Softbank, whose previous successes include Alibaba.
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