Nitin Konde
8 January, 2016, India: One of the India’s leading online retailers, Flipkart is planning to raise US $1 billion funding in order to keep its funding momentum going. To initiate its move, the company is in talking terms with the investors so that it can keep its dominance over the online retailing market.
According to the media reports, US-based Sands Capital Management is in discussion with the e-commerce giant to the funding round of US $700 million. However, the existing investors of the site are ready to provide the same amount to the company, reports ET. As per the recent value, the company’s value is around US $15bn to US $18bn.
Till now the company has raised around US $3.4bn funding. Founded by Sachin and Binny Bansal, it is all set with its future plan to sell out goods worth US $12bn by March 2016 which is thrice than that of last year.
Company’s current investors are some of the biggest players of the business such as Tiger Global Management, South African media giant Naspers, venture capital firm Accel Partners, Russian billionaire Yuri Milner’s DST Global, and sovereign wealth funds GIC Singapore and Abu Dhabi Investment Authority. Market experts suggest that the company has been utilising its funds on a very rapid pace which is why it is looking investors’ financial support.