Flipkart raises $700 million from new investors

Flipkart, India’s largest e-commerce marketplace, has raised $700 million investment from new as well as existing investors.

This is the e-commerce giant's third fund rasing in 2014. In May, Flipkart had raised $210 million (Rs 1,200 crore), while it raised $1 billion (Rs 6,000) in July 2014.

According to various reports, the latest fund raising has increased Flipkart's valuation to $11 billion.

The new investors include Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority.

The latest fund raising also saw existing stakeholders - DST Global, GIC, ICONIQ Capital and Tiger Global - raising their exposure to the company.

Flipkart's rival Snapdeal had received $627 million from Japan's SoftBank in October.

"As with previous funds raised, these funds will be used towards long-term strategic investments in India and to build a world-class technology company, delivering superior customer experiences," the company said in a statement.

According to the statement, Flipkart Limited (incorporated at Singapore) has filed with ACRA Singapore for conversion to a public company, which is a mandatory procedure for all companies where the number of shareholders exceeds 50.

Launched in October 2007, Flipkart claims to have 26 million registered users clocking over 8 million daily visits.