Flipkart Online Services, an India-based retailer backed by South Africa-based media group Naspers’ corporate venturing unit, will reportedly raise more private funding before its flotation in the next two to five years.
Sachin Bansal, the co-founder and chief executive of Flipkart, told news provider TechCircle that the round of funding would be large considering it has already raised four rounds of funding.
In August, Flipkart raised a reported $150m in its series D round from a consortium including Myriad International Holdings (MIH), the corporate venturing unit of South Africa-based media group Naspers.
MIH, which in June saw its head, Antonie Roux, sadly pass away at the age of 54, is investing $90m to become the second-largest shareholder after hedge fund Tiger Global, according to news provider Times of India.
Alongside MIH in the D round that values Flipkart at $800m are venture capital firm Accel Partners, Tiger and Iconiq Capital, a multi-family office for individuals such as social network Facebook co-founder Mark Zuckerberg, according to Times of India.
Flipkart has raised more than $300m in total and recently bought Letsbuy.com, which Accel Partners and Tiger Global Management had also funded.