Flipkart is inching closer to secure $550 million (Rs 3,300 Cr) in latest round of funding, as per a latest report from the Economic Times. If the latest deal goes through, the homegrown e-commerce firm will reach a valuation of nearly $16 billion.
The report said that the latest round of funding which is expected to be closed by the end of this month, will include existing investors. Giving further insights about the funding, the report stated that Tiger Global, the largest investor in India’s top online marketplace, is leading the round with $100 million while other investors in the company include Qatar Investment Authority, DST Global, GIC, Naspers, Accel Partners and Steadview Capital. Flipkart is expected to use the raised capital to strengthen its technology backbone and its logistics network.
Currently, Flipkart’s run rate for value of goods sold is estimated at $4 billion and it is targeting to double the same to $8 billion by the end of 2015, said the report. Flipkart had a bang on 2014 with huge funds flooding in for the e-commerce firm. In December last year, the company secured $700 million and $180 million in funding. In May last year it received $210 million funding from DST Global and finally in July it raised a massive $1 billion funding from new and existing investors. Earlier this year in February it was reported that Flipkart is eyeing $1.7 billion in upcoming months.