Flipkart raises fund worth $1 billion; first for e-commerce company

Flipkart raises fund worth $1 billion; first for e-commerce company
Online retailer giant Flipkart has set another record as it become first e-commerce company in the country to raise fund worth USD 1 billion. Soon after announcing a USD 1-billion fundraising, Flipkart founder & Chief Executive Sachin Bansal on Tuesday said the next target for his company was entering the USD 100-billion valuation club.

That might appear a grand ambition for a company whose estimated valuation after its latest round of funding is USD 7 billion, but Bansal is sure about it. He, however, does not give a timeframe: "The USD 100-billion valuation goal could be achieved in five, 10 or 15 years," he says, in a matter-of-fact way.

Also on Flipkart's to-do list is getting people from the Silicon Valley on its rolls; another 1,000 engineers will be hired this financial year to take the employee base to around 15,000.

The company has now diversified into multiple categories, such as fashion, accessories, electronics and lifestyle; the latest is adult well-being. Automobile is perhaps the only area it does not plan to enter.

Read more about: flipkart, retailer
Story first published: Wednesday, July 30, 2014, 9:20 [IST]
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