Half of the amount comes from existing investors Tiger Global, Russian billionaire Yuri Milners DST and Accel Partners, while the rest will come from several new investors.
Moreover, Singapores sovereign wealth fund GIC and US-based investment firm T Rowe Price are also interested in funding Flipkart. With this latest deal, Indias online retailer will have raised over USD 1.7 billion, valuing it at over USD 5 billion.
Flipkart crossed the USD 1 billion threshold in sales in March 2014 and acquired online fashion retailer Myntra two months later. It has also launched customer service initiatives like same-day delivery in multiple cities and at-home trials for certain fashion categories.
Indias online retail industry is expected to expand from the current USD 2.3 billion to USD 32 billion (Rs 13,700 crore to Rs 1.9 lakh crore) by 2020, according to research from the advisory firm Technopak.
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