India’s Flipkart closes $1 billion funding round

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.