Flipkart files for public company status in Singapore, raises USD 700 mln

Monday 22 December 2014 13:07 CET | News

Indian ecommerce company Flipkart (incorporated in Singapore) has filed with business registrar and regulator ACRA Singapore for conversion to a Public Company.

This is a mandatory procedure for all companies where the number of shareholders exceeds 50. This filing ensures the company is in compliance with the laws of Singapore and is in no way indicative of any upcoming IPO or of any corporate activity that the company is engaged in either in Singapore or any other part of the world.

Flipkart has recently raised a private investment worth USD 700 million in order to develop its ecommerce operations in India. The investment comes from new investors including Baillie Gifford, Greenoaks Capital, and Qatar Investment Authority, as well as current investors that include GIC, ICONIQ Capital, and Tiger Global.

In November 2014, Flipkart raised between USD 500 and USD 600 million in a recent round at a valuation of USD 10 billion.

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Keywords: ecommerce company, Flipkart, IPO, public company, ecommerce operations
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce