25 November 2016, India :
India’s largest e-commerce marketplace Flipkart is looking for an investment bank to raise funds as per Livemint report. Last funding the company raised was back in 2015 from existing investors led by Tiger Global.
Flipkart, including its fashion sites Myntra and Jabong, has a burn rate of roughly $40 million per month, the people familiar with the matter told Livemint. At that rate, the company has enough cash to last 18-20 months.
Investment Banks have come to the rescue for many startups this year. Flipkart has dominated Indian market this year but still lacked in raising funds. This move might change the fortune for the company.
Flipkart was launched in October 2007 and is India’s e-commerce marketplace with over 80 million products across more than 80 categories. It recently achieved a milestone of 100 million registered customers on its portal.
An email query sent to Flipkart by our team seeking to clear the air on the speculation, did not elicit a response at the time of filing this report. Image- The Hindu