India's Flipkart raises $700M, files to convert to public company in Singapore

Indian e-commerce giant chalks up another US$700 million in funds from new and existing investors and applies to become a public company in Singapore, but dismisses IPO talk.
Written by Eileen Yu, Senior Contributing Editor

The Indian e-commerce giant said in a statement that the new funding came 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. It added that the latest funds will support long-term strategic investments in India.

Flipkart has shored up another US$700 million in its latest round of financing from new and existing investors, and has applied to become a public company in Singapore.

Flipkart has been raking up its cash register with numerous rounds of funding this year. Just last month, it raised US$600 million, but this paled somewhat in comparison to the whopping US$1 billion it chalked up in July, giving the e-commerce operator an estimated valuation of US$10 billion.

Incorporated in Singapore, where it had moved to sustain its rapid growth, Flipkart has filed with the country's business registrar and regulator for conversion to a public company. It explained that this was a mandatory procedure for all companies with more than 50 shareholders, and dismissed suggestions it was eyeing an initial public offering (IPO).

"This filing ensures we are 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," the company said.

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