The very famous and much talked e-commerce giant Flipkart is reportedly is conversation with its investors to raise funds worth nearly $1.4 billion (Rs 9,200 crore) to strengthen its position in the rapidly growing and highly competitive online retailing space.
According to the sources, the recent round of funding will be led by US-based Sands Capital Management with an investment of $700 million.
Existing investors are expected to invest a similar amount and the deal could value Flipkart between $15 billion and $18 billion, as per the media reports.
The Bengaluru-based online retailer had confirmed its valuation at $15.2 billion (Rs 98,800 crore) in September last year. Overall, the company has raised $2.6 billion in the past two years.
Binny Bansal, co-founder and chief operating officer of Flipkart, had said in October last year that the company aims to make double the profits in three years. Online retailers have come under severe criticism from industry watchers for burning cash on discounts and thereby incurring losses.
