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Flipkart, India’s largest e-commerce marketplace, has raised $700 million from new investors, which would be used for its expansion plans.
The investments were raised from Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority. DST Global, GIC, ICONIQ Capital and Tiger Global also participated in this latest round of financing, Flipkart said in a statement.
As with previous funds raised, the funds will be used for long-term strategic investments in India, it added.
As the number of shareholders in the company exceeded 50, Flipkart has also filed an application with Singapore ACRA to convert it into a public company. Flipkart is a company incorporated in Singapore, and this a mandatory procedure, the statement said.
This is however, is in no way indicative of any upcoming Initial Public Offering (IPO) or of any corporate activity that the company is engaged in either in Singapore or any other part of the world, it added.
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