India’s Flipkart closes $1 billion funding round
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Indian e-commerce giant Flipkart has closed a US$1 billion funding round, with plans to raise an equal amount over the next few months.
Investors who have contributed to this round include eBay, Microsoft and Tencent Holdings, Bloomberg reports.
The funding comes at a valuation of $10 billion, up from $5.39 billion when its minority investor and the mutual fund managed by Morgan Stanley slashed Flipkart valuation by 3 per cent last month. Its peak valuation was $15.5 billion in 2015.
Launched in 2007, Flipkart was one of the first Indian tech companies to enter the global Unicorn startups club. It had an invincible run until Amazon entered India in 2012.
In 2014, Flipkart raised $1 billion, a record amount for an Indian company, from investors including Accel Partners, Russia-based DST Global and Tiger Global, whose former MD Kalyan Krishnamurthy has joined Flipkart as CEO.
Questions & Answers
Q.Which companies have contributed to Flipkart's latest funding round?
Which companies have contributed to Flipkart's latest funding round?
eBay, Microsoft, and Tencent Holdings have invested in this funding round. These contributions have helped Flipkart close its US$1 billion funding round, with further plans to raise an equal amount.
Q.How does Flipkart's current valuation compare to its previous valuations?
How does Flipkart's current valuation compare to its previous valuations?
Flipkart's current valuation is $10 billion, an increase from $5.39 billion last month. This is still lower than its peak valuation of $15.5 billion, which was recorded in 2015.
Q.When was Flipkart launched and how did its market position change after Amazon entered India?
When was Flipkart launched and how did its market position change after Amazon entered India?
Flipkart was launched in 2007 and was initially a leading Indian tech company. However, its 'invincible run' was affected after Amazon entered the Indian market in 2012.
Q.Who is the current CEO of Flipkart and what was his previous role?
Who is the current CEO of Flipkart and what was his previous role?
Kalyan Krishnamurthy is the current CEO of Flipkart. He previously held the position of Managing Director at Tiger Global, one of Flipkart's earlier investors.
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