AAA Flipkart wants another $600m in its basket

Flipkart wants another $600m in its basket

Flipkart, an India-based e-commerce company backed by internet company Naspers, is looking at raising a $600m round while increasing its valuation, Economic Times reported yesterday.

Potential investors in the new round have not been named. Flipkart is currently valued at $12bn.

In December 2014, Flipkart closed a $700m series H round backed by Greenoaks Capital, Steadview Capital, Qatar Investment Authority, DST Global, Iconiq Capital and Tiger Global. Although not officially disclosed, reports suggested Naspers contributed between $50m and $100m to the series H.

Naspers backed a $1bn series G round in July 2014 alongside Tiger Global, GIC, Morgan Stanley, Sofina, Accel Partners and Iconiq.

Founded in 2007, Flipkart has raised $2.4bn and increased its valuation to $10bn only in November 2014.

In December 2014, Flipkart also filed for an initial public offering in Singapore, but it did not disclose details about the number of shares or pricing.

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