Business

Flipkart gets new investor after US roadshow, to raise $600 mn

The recent trip of Flipkart co-founder Sachin Bansal for a roadshow to garner fresh funds seems to have paid off. According to sources, the company is on the verge of closing fresh funds to the tune of $ 600 million (Rs 3,600 crore) in the coming weeks.

The recent Flipkart roadshow in the US was aimed at getting a fresh investor for the new funding, sources said. While Tiger Global and Qatar Investment Authority are likely to be part of the next round of funding, the roadshow has yielded a fresh investor as well for Flipkart.

The identity of the new investor could not be ascertained.

When contacted, a Flipkart spokesperson refused to comment.

The fresh funds are set to propel the Bengaluru-based company’s valuation to as much as $ 14 billion.

Founded by Sachin Bansal and Binny Bansal in 2007, Flipkart has been on a fund-raising spree of late, resulting in the highest valuation among major e-commerce companies in India. It raised money thrice during 2014. In December last year, it raised $ 700 million (Rs 4,900 crore) in fresh investment from existing as well as new investors. In May, it had raised $ 210 million (Rs 1,200 crore), which was followed by a funding of $ 1 billion (Rs 6,000 crore) in July 2014 — the biggest one-time funding in Indian e-commerce history. After this, Jeff Bezos-led Amazon announced it would invest $ 2 billion in India.