Flipkart Raises $1 Bn And Is Planning To Raise Another Billion Soon

Online services Flipkart has just completed a $1 billion fundraising and has plans to raise as much as $1 billion soon over the next few months. India’s largest e-commerce company Flipkart is all set to battle back against the rising competition.

Flipkart closed the latest round on Friday of about $10 billion. This is actually a decline as it’s 2015 valuation was $15.5 billion. Having completed its ten years, its major competitor Amazon.com are looking for a piece of the fastest growing Indian market. However, the company did not provide an immediate comment.

This latest fundraising numbers clearly prove that the investors still believe that Flipkart has a good chance. Microsoft Corp., eBay, Tencent Holdings etc., were among the company fundraisers.

Meanwhile, Amazon had been expanding massively, as it had recently pledged to spend $5 billion on its Indian operations in the next few years. Paytm too is doubling its business operations.

Well, it is worth watching these e-commerce companies make its next step ahead to fight the current bustling competition.