Flipkart raises $700 mn from new investors

India's leading e-retailer Flipkart Saturday announced raising $700 million (Rs. 4,435 crore) from new institutional and retail investors to fund its growth and expansion plans.

"The funds will be used for long-term strategic investments, to build a technology firm and deliver superior customer experience," the e-commerce major said in a statement here.

The new investors are Baillie Gifford, Greenoaks Capital, Steadview Capital, T Rowe Price Associates and Qatar Investment Authority.

"Existing investors DST Global, GIC, ICONIQ Capital and Tiger Global participated in our latest financing round," the company said.

It also filed a notification with the Singapore market regulator ACRA for its conversion into a public company as it was registered in the island state in 2007.

"The filing ensures we are in compliance with the Singapore laws and is not indicative of an upcoming IPO (initial public offering) or corporate activity," it said.

Showcasing about 20 million products across 70 categories, including books, media, consumer electronics and lifestyle, Flipkart has a whopping 26 million registered users, receives a record eight million hits daily on its portal and delivers five million shipments per month.

The company raised $1 billion in July from a group of investors for funding its growth plans.