Flipkart Raises $500-600 Million; Now Valued At $10 Billion

In a fresh round of fund raising, Indian e-commerce giant Flipkart has raised $500-600 million. This has increased the company’s valuation to $10 billion. The funding was led by Tiger Global, South Africa’s Naspers, DST Global and others.

This is Flipkart’s third fund-raising event this year. It had received $210 million earlier this year.

“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,” a source told The Times of India.

This latest round of fund raising is likely to give the company an edge over its rivals Amazon and Snapdeal, which have been giving it a tough competition. Amazon had recently invested $2 billion to promote its growth in India. Snapdeal, too, had garnered $627 million from Japan’s Softbank.