28 July , Bengaluru: Flipkart has managed to close a funding round of $700 Million (Rs 4,500 crore) . After the funding , the e-commerce giant evaluates to a total of a whopping $15 Billion , this is the first raise for flipkart this year.
Reports say that, an existing investor Steadview Capital and New York-based hedge fund Tiger Global participated in the funding round. The company is said to be in talks with hedge fund Tiger Global and other investors from february of this year for fund raising of about $1 Billion. Last week , reports also came out that e-commerce giant Amazon is also planning to invest $5 Billion on its operations in India , to make India their biggest market outside US.
Recently flipkart officials also stated that the company is looking forward to expand their catalouge by adding a few new categories in new areas like home furnishing , travel and groceries by the end of year 2015. Recently Flipkart has also set up their new ultra fancy office in Bengaluru. The company claims to have 26 million registered users a daily visits clocking upto 8 million mark. The e-commerce giant is also ready to go app only by september this year as 75% of their traffic comes from app only.
With brands like Paytm also ready to claim larger share in the e-commerce market of India, big names like Snapdeal , Amazon and Flipkart need to focus on the growing competition.
With the e-commerce battle heating up in the Indian market let’s see who manages to rise above as the market leader. Only time shall tell.