Homegrown, ecommerce biggie, Flipkart has closed its first funding for the year, which has valued the company at about $15 Bn. According to new report by ET, Flipkart has raised over $700 Mn from its existing investors including Steadview and others.
Flipkart denied commenting on the development, however, according to the people close to the development, Sachin and Binny Bansal’s holdings of about 8.5% each is now worth more than $1 Bn.
This news comes in at the time, reports of Amazon readying a $5 Bn war chest had sufficed in media.
In December, last year, Flipkart had raised $700 Mn at a valuation of about $11 Bn, just 6 months after it raised $1 Bn.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.
