$700mn Funding Raised By Filpkart

FlipkartE-commerce retailer, Flipkart, has raised $700 million in fresh investment from existing as well as a clutch of new investors.

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

This is the third time in 2014 that Flipkart has raised fresh capital. Earlier in May and July, the online retailer had raised $210 million and $1 billion, respectively.

Flipkart in a statement said, “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.”

“This is however, is in no way indicative of any upcoming Initial Public Offering (IPO) or of any corporate activity that the company is engaged in either in Singapore or any other part of the world,” the statement added.

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