India’s largest e-commerce marketplace, Flipkart 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 Associatesand 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.
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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