Flipkart Raises Fresh Funding from SteadView; Valuation Tops $11 Billion
India’s largest e-commerce company Flipkart has raised third round of funding this year and raised $180 million led by led by Hong Kong-based investment firm Steadview Capital. With this fresh round of funding, company is now valued at $11 billion.
Flipkart will use this fund in discounting and upgrading the technology of the e-commerce platform.
ET confirms that Steadview has committed $100 million of the $180 million total funding amount. This is the first time when Steadview has invested in ecommerce niche. It has already invested in Urban Ladder and Ola Cabs in India.
This is the 9th round of funding for Flipkart and third of this year. Flipkart has raised $1.2 billion this year alone. In total 9 rounds, Flipkart raised around $1.9 billion.
At the valuation of $11 billion, Flipkart is bigger than Dabur India, Godrej and Hero MotoCorp. If we compare it with top IT companies, Flipkart is valued at half of Wipro, fourth largest IT services company and seven times bigger than mid-sized IT services firm MindTree.
If we talk about other competitors, Snapdeal raised around $1 billion this year and Amazon invested $2 billion in Indian operations. But Flipkart was in news this year for funding and controversies.