Indian online marketplace Flipkart after raising $1 Bn in a recent financing round has closed yet another round between $500-600 Mn at a pre-money valuation of about $10 Bn, according to a new report.
Last month there were reports that Flipkart will be raising over $1.5 Bn in a new round.
According to a source close to the development, Tiger Global, Naspers and Yuri Milner’s DST Global, along with others, have invested $50-100 Mn each in this round along with participation of a new investor. However, some early investors in Flipkart may have not participated in this new round.
“Although there was a lot of interest from new investors, Flipkart was not keen on raising more money at this point. This new round is largely being done by the large existing investors,” said a source.
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. Flipkart has already hit a $3 Bn revenue run rate.