Flipkart, the India-based e-commerce company backed by internet holding company Naspers, has raised $550m in funding at a $15bn valuation, the Wall Street Journal reported yesterday.
Investment firm Tiger Global Management led the round, according to a person familiar with the deal, who added that Flipkart closed the funding last month. They did not disclose the identities of any additional investors.
Flipkart operates a diversified e-commerce website and app that is the largest in India. A report in March suggested it was looking to raise $600m in new funding.
The company has now raised approximately $2.95bn altogether, securing $700m from Tiger Global, Greenoaks Capital, Steadview Capital, Qatar Investment Authority, DST Global and Iconiq Capital as recently as December 2014.
Naspers, which first invested in Flipkart by providing $90m of its $120m series D round in 2012, reportedly contributed between $50m and $100m to the December round, but was not confirmed by Flipkart as an investor.
IDG Ventures India, a venture capital affiliate of media company International Data Group, sold half its stake in Flipkart, gained through Flipkart’s acquisition of IDG-backed competitor Myntra, for $15m last month.
VC firm Helion Venture Partners exited Flipkart completely at the same time, though it is not known whether either share sale formed part of the latest round.
Other existing investors in Flipkart include GIC, which acts as the sovereign wealth fund of Singapore, financial services firm Morgan Stanley, investment firm Sofina and VC firm Accel Partners.