Flipkart has raised whopping $1 billion dollars and is eyeing another $1 billion in next few months, according to a latest report from Bloomberg.
The homegrown e-commerce player is said to have secured the funding on Friday at a valuation of $10 billion. The valuation is a decline from Flipkart’s $15.5 billion in 2015. Tiger Global, Qatar Investment Authority and existing investors participated in the last round. The latest round of funding comes amidst significant changes in the management. At the beginning by appointing Kalyan Krishnamurthy as CEO in place of Binny Bansal.
Flipkart has been facing a tough competition from Amazon.in and the latest fundraising round suggests investors believe Flipkart has a good chance. Meanwhile Amazon has committed $5 billion to its Indian operations.