Flipkart seeks $1 bn in latest round, looks at valuation above $10 bn

Some funds that have invested in Flipkart have recently slashed the value of their holdings, media reports have said, citing securities filings

Reuters March 08, 2017 16:46:41 IST
Flipkart seeks $1 bn in latest round, looks at valuation above $10 bn

Mumbai: India's top e-commerce company Flipkart is holding talks with investors to raise up to $1 billion in one of its biggest funding rounds so far, a source familiar with developments said on Wednesday.

Flipkart seeks 1 bn in latest round looks at valuation above 10 bn

Screengrab

The source declined to name the potential investors and the exact valuation Flipkart was looking for, but said it hoped the valuation would be in the "double digits", referring to a valuation of $10 billion or more.

Earlier on Wednesday, Financial Express newspaper, citing unidentified sources, said the expected fundraising could value Flipkart at up to $8 billion, far lower than the roughly $15 billion in its last funding round.

A Flipkart spokesman was not immediately available for comment.

Flipkart's latest fundraising comes amid intensifying competition in the e-commerce space from the likes of U.S. internet giant Amazon.com Inc and domestic rival Snapdeal, which is backed by Japan's Softbank Group.

The ensuing heavy losses have hit valuations among India's e-commerce players. Some funds that have invested in Flipkart have recently slashed the value of their holdings, media reports have said, citing securities filings.

Launched by two former Amazon employees in 2007, Flipkart's biggest investor is U.S. hedge fund Tiger Global. Others include Accel Partners, DST Global and Baillie Gifford.

The company has so far raised more than $3 billion in funding, mostly from international investors.

Updated Date:

also read

At Rs 1,200 cr, Flipkart bags single-largest investment in Indian e-commerce
News & Analysis

At Rs 1,200 cr, Flipkart bags single-largest investment in Indian e-commerce

The online retailer raises $200 million from its existing investors.

Amazon poised to win big as India launches annual festive shopping spree
News & Analysis

Amazon poised to win big as India launches annual festive shopping spree

Amazon.com could emerge as the biggest winner from one of India's most important festive - and shopping - seasons, after the e-tailer offered steep discounts, swift delivery and even gold bars to grab market share.

Amazon India unveils Hindi mobile website, Android app in a bid to make deeper inroads into e-commerce market
Business

Amazon India unveils Hindi mobile website, Android app in a bid to make deeper inroads into e-commerce market

None of India’s other leading e-commerce portals - Flipkart, Snapdeal or Paytm Mall - currently have a local language version of their apps or websites