Flipkart to Raise $1 Billion With Plans for $1 Billion More
- India’s top e-commerce player needs the capital to compete
- Valuation at $10 billion is down from 2015’s $15.5 billion
Flipkart headquaters in Bengaluru.
Photographer: Namas Bhojani/BloombergThis article is for subscribers only.
Flipkart Online Services Pvt has completed a $1 billion fundraising and aims to raise as much as $1 billion more over the next few months, according to people familiar with the matter, giving India’s largest e-commerce company capital to battle back against rising competition.
Flipkart secured its latest funding on Friday at a valuation of about $10 billion, said the people, asking not to be named because the matter is private. Backers in this round so far included Microsoft Corp., EBay Inc. and Tencent Holdings Ltd., but the valuation was a decline from Flipkart’s $15.5 billion in 2015. The company said it doesn’t comment on “market speculations” as a matter of policy.