Dive Brief:
- Flipkart has raised $700 million in a new round of funding, upping the total amount of investor funding this year to around $2.7 billion.
- The Indian e-commerce marketplace raised $1 billion in July, and $210 million in May. Existing investors DST Global, GIC, ICONIQ Capital and Tiger Global helped back this most recent round, along with new investors Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe, PriceAssociates, and Qatar Investment Authority.
- The company has also applied to become a public company in Singapore.
Dive Insight:
Facing fierce competition from Amazon India and Snapdeal, Flipkart's newest round of funding shows that there is high confidence in e-commerce taking off in emerging markets. If Flipkart can manage to gain a good footing in the next year, perhaps it can follow in Alibaba's very wide footsteps.
According to a statement from the company, it will use these funds "towards long-term strategic investments in India and to build a world-class technology company, delivering superior customer experiences."