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Home News

Finally, Flipkart All Set to Raise $1 billion Funding!

by Chinmay Bidkar
March 9, 2017
in News
Reading Time: 2 mins read
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Finally, Flipkart All Set to Raise $1 billion Funding!
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09 March 2017, India:

India’s top e-commerce company Flipkart is in talks with investors to raise up to $1 billion in one of the biggest and much-needed funding rounds so far.

Flipkart is in discussions with a range of investors including Microsoft Corp., EBay Inc. and Tencent Holdings Ltd. to raise anywhere from $1.2 billion to $1.5 billion, enough to carry it through another four years as per the report by Bloomberg.

Last year, Flipkart’s biggest investor Tiger Global Management carried a top level management change at Flipkart by sending in former eBay executive Kalyan Krishnamurthy to help turn around India’s most valuable internet startup.

Also read- UBER CEO TRAVIS KALANICK LOOKING FOR COO

Earlier this month, Flipkart also stated the company is about to hire more employees than last year. “Our 2017 hiring plans are calibrated to the growth momentum we are seeing and we expect it to be somewhere around 20-30% higher than last year, spread out as per requirements across verticals,” Flipkart COO Nitin Seth said, adding that a majority of this will likely come in through the lateral route.

Flipkart has been through a rough patch and desperately in need to raise fresh funds to stay in the competition with the fierce rivals Amazon.  Flipkart has seen several markdowns by its investors like Morgan Stanley, Valic Co, Vanguard, Fidelity and T Rowe Price throughout the last year. Flipkart is believed to be valued at $5.37 billion. (Image- Dhiraj Singh/Bloomberg)

Also read- APPLE STATS VULNERABILITIES, BUGS DETAILED IN WIKILEAKS ALREADY FIXED!
Tags: EBay IncflipkartFlipkart ValuationfundingKalyan KrishnamurthyMicrosoft Corp.Tencent HoldingsTiger Global Management
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Chinmay Bidkar

Curious, Keen Observant & Dynamic! Chinmay finds peace in meeting people who work hard for humanity. He has new found interest in Gadgets and Techs and at Techstory he gets to write about it! Reach out at- [email protected]

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