India’s largest online retailer, Flipkart is planning to raise looking to raise $1.7 billion (Rs 10,500 crore) in the coming months. The company is expected to be valued at $15 billion in this round of funding.
Flipkart created a record in India’s startup funding history last year by getting $1.9 billion in three rounds of funding.
Flipkart’s existing investor, US-based Tiger Global Management is also expected to make another investment of $700 million in the company.
According to the Economic Times, experts believe that Flipkart will use the funds to consolidate its position in the marketplace by acquiring new ventures, enhancing inhouse technology development and funding deep discounts for consumers.
In a latest news, Flipkart also announced that they were planning to double the total value of goods it sells to reach $8 billion in 2015.