Bangalore : India’s largest e-Commerce firm Flipkart raised $1 billion (over Rs 6,000 crore) in fresh funding from a group of investors, the largest in the fiercely competitive online shopping segment in the country, reports PTI. The company did not disclose its new holding pattern.
Sources said that with the latest round of fund raising, Flipkart is valued at about $7 billion.
Co-led by existing investors Tiger Global Management and Naspers, Singapore’s sovereign wealth fund GIC, Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina also participated.
The Bangalore-based firm will utilise funds on expanding its online and mobile services, focusing on areas like R&D, enhancing customer experience and sellerbase.
Flush with cash, Flipkart is also scouting for acquisitions, which can help it expand into newer technologies like wearables and robotics, a move that it believes will impact mobile commerce in the days to come.
“The funds will be used to make long-term strategic investments in India, especially in mobile technology,” Flipkart co-founder and CEO Sachin Bansal said.
On the company’s IPO plans, Bansal said: “IPO is not in consideration at all, we are not thinking about it. We have not settled on a business model that we can take public.” The Bangalore-based firm, founded by Sachin Bansal and Binny Bansal, counts Accel Partners, Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital among its other investors.