Bengaluru: Flipkart, India’s leading e-Commerce company raises a massive $700 million in a funding round led by existing investor Steadview Capital. This is Flipkart’s tenth fundraising and till date it has raised a total of $3.4 billion, thereby valuing over $15 billion. Its previous funding rounds include raising $1000 million (Tiger Global, DST Global and Accel Partners) and $700 million (Steadview Capital, Baillie Gifford, Qatar Investment Authority, DST Global, Tiger Global) in July 2014 and December 2014 respectively. Flipkart is also said to be in talks with Tiger Global from past one year to raise another funding round of at least one billion.
Flipkart is the brainchild of Ex-Amazon employees, Sachin Bansal and Binny bansal. The online shopping portal offers over 20 million products across 70+ unique categories, ranging from books and games to fitness equipments and jewelry. The users can order the products either through the company’s website or the mobile app.
Flipkart came into limelight by introducing the “Cash-on-Delivery” for the first time in India. The eight year old e-Commerce company currently has a workforce of over 20,000 people and 26 million registered users. It claims to have over 8 million unique user visits daily and delivers over five million shipments every month.