Funding
Flipkart Raises $1 Billion In A New Fundraising Round
Online e-commerce sector Flipkart recently raised $1 billion in a new fundraising round. The company has raised $1 billion in a fresh funding at a valuation of $10 billion. This new fund will provide Flipkart the much-needed boost to fight against its major competitor Amazon to acquire the top position in the Indian e-commerce sector.
After scoring a $1 billion round, Flipkart does not seem to close the round and is keen to keep it open, if in case more investors are interested in investing in this startup.
But what is more surprising is the fact that Flipkart is all ready to buy its rival company Snapdeal. Snapdeal is also a popular e-commerce sector which stands third among its line of sectors. Snapdeal’s largest investor SoftBank is pushing for this deal. SoftBank holds 33% stake in this company.
However, Snapdeal’s largest investor SoftBank which made this decision has failed to convince Jasper Infotech, which owns Snapdeal.
Meanwhile, Anup Vikal, CFO of Snapdeal, said in an interview: “Snapdeal is looking to raise over $100 million from existing shareholders including SoftBank and other new investors.”
Previously, these e-commerce companies in India have opted to use funds to offer discounts to lure more customers so as to increase the company’s burn rates.
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