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November 10, 2014

Flipkart seeks third funding round this year

The latest funding plan comes after raising $1bn in July 2014. Flipkart seeks third funding round this year

By CBR Staff Writer

Indian e-commerce firm Flipkart is reportedly seeking its third funding round this year, which would value the company at over $10bn.

The latest funding plan comes after the online retailer raised $1bn in July 2014.

The Wall Street Journal reported that the existing Flipkart share holders would take part in the third round of funding.However, there are no revelations of about how much Flipkart is seeking to raise from the funding.

The agency quoted a report as saying: "Investors are betting that cheap smartphones from companies like Micromax Informatics and Xiaomi, combined with wireless network upgrades from providers like Bharti Airtel, will fuel a big increase Internet users and online spending in India."

Furthermore, the July funding made it the first Indian startup and e-commerce site to raise such a large amount.

Earlier, in May, the e-commerce firm raised $210m in funding, and added the private equity firm DST Global as a shareholder.

E-commerce platform Snapdeal also raised between $600m to $650m last month from existing investors, in addition to Japan’s SoftBank.

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