In just 3 months of raising whooping $ 1 Bn round, Flipkart is now all set to raise another big round of funding, which will value the seven year old company at over $10 Bn, reports WSJ. However, the amount Flipkart is raising is still not clear, but according to a report by ET, Flipkart will be raising over $1.5 Bn in this round.
A new investor along-with its existing investors including Tiger Global Management, Accel Partners and DST Global, run by billionaire Yuri Milner are expected to participate in this fund raise. “The fund-raising process is expected to begin in January 2015,” according to a source.
Launched in 2007, Flipkart has raised over $1.8 Bn in total, of which it has raised about $1.57 Bn in the last 15 months.
To make a mark in the online shopping scene and bringing people on its platform to shop, Flipkart’s major chunk goes into discounting with promotions, which costs it about INR 70 Cr. each month. During this festive season, it shipped about INR 80 lakh which is about INR 30 lakh more than its average, this made Flipkart to revise its internal targets to reach sales of $ 4 Bn by the end of this year.
Started with selling books, Flipkart now offers about 20 Mn products across 70+ categories including Books, Media, Consumer Electronics and Lifestyle with about 26 Mn registered users clocking over 6 Mn daily visits.