New Delhi: Online marketplace Flipkart is believed to be in talks to raise around USD 600 million (about Rs 3,750 crore) from a group of investors.
The eCommerce firm, currently being valued at around USD 11.5-12 billion (about Rs 71,000-75,000 crore) is also looking at a higher valuation, people in know of the development said.
"Flipkart at present is in talks with a clutch of investors to raise somewhere in the range of USD 600 million. It is also looking at a higher valuation than its present USD 11.5-12 billion," sources said.
When contacted, Flipkart did not offer any comments.
On higher valuation, they said the Bangalore-based firm's bid for a higher valuation will depend on the ongoing fund raising talks with the investors.
In December last, Flipkart raised USD 700 million and in July 2014 it raised USD 1 billion, the largest by any eCommerce firm in the country. So far it has raised over USD 2 billion.
Its investors include Qatar Investment Authority, Baillie Gifford, Greenoaks Capital, Steadview Capital, T Rowe Price Associates, DST Global, GIC, ICONIQ Capital and Tiger Global.
Tiger Global is Flipkart's largest shareholder followed by Accel Partners. Co-founders Sachin and Binny Bansal hold a little over 8 percent stake in the company.
On the firm's cash piling spree, market sources said the company wants to maintain ample cash as it goes around ramping up its infrastructure and adding more sellers to its platform to take on domestic rivals such as Snapdeal and global ones like as Amazon.
The firm is eyeing sales worth USD 8 billion (about Rs 50,000 crore) this year in terms of total value of goods sold, more than double of USD 3 billion clocked last year.
Besides, it is also targeting to add one lakh sellers on its platform this year and expects to sell 25 million units (products) per month during the same period.
According to various industry estimates, the e-commerce market in India was about USD 6 billion in value in 2012 and is expected to touch around USD 76 billion by 2021.
