Features Tuesday, December 16, 2014 - 05:30
The News Minute| December 16, 2014|  10.42 am IST Flipkart, India’s popular e-commerce website in its third of fund raising has received initial investment of $180 million from Hong Kong- based investment firm called Steadview Capital, according to report on Economic Times. According to the report Steadview capital has committed to $100 million of the $180 million depending on the closing of tranches and as and when more new investors come in. The report also goes on to say that this deal will bring in $700 million in fresh funding and raise the valuation of the Bengaluru-based e-commerce website to $11 billion that is approximately Rs. 69,000 crore. In May Flipkart received $10 million by Russian billionaire Yuri Milner’s DST Global according to the report. According to another report on Livemint, Flipkart had earlier received fresh funds of $1 billion in the month of July 2014 from existing investors, Tiger Global Naspers and Government of Singapore Investment Corp which is city-state’s sovereign wealth fund. Flipkart over the past few months has been soaking up cash with the initiation of various fund raising plans to stay ahead in India’s highly competitive e-commerce market, said the report. In comparison to other e-commerce websites Flipkart has raised $1.2 billion in funds while Snapdeal received $627 million from Japan’s Soft Bank in October bringing its funds raising for the year 2014 to $860 million. On the other hand Amazon founder Jeff Bezos has committed $2 billion to grow its India operations, said the report. The report says the funds received this year will now be directed towards increasing reach of their logistics services and investments in improving back-end technology support.
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