Indian e-commerce giant Flipkart has announced that it has raised $700m from new investors in a bid to improve customer experience and to make long-term strategic investments.
The fresh round of funding, which was closed on Friday, saw new investment from Greenoaks Capital, T. Rowe Price Associates, Baillie Gifford, Steadview Capital, and Qatar Investment Authority, along with funding from existing investors ICONIQ Capital, Tiger Global and DST Global.
The Economic Times quoted Flipkart as saying: "As with previous funds raised, these funds will be used towards long-term strategic investments in India and to build a world class technology company, delivering superior customer experiences."
Since its inception in 2007, the Singapore incorporated company has raised a total of $2.7 bn.
The company also announced its filing with ACRA Singapore to turn it into a public company.
The process is a mandatory procedure for all companies in Singapore where the number of shareholders exceeds 50.
