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Share Name | Share Symbol | Market | Type |
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Amazon.com Inc | NASDAQ:AMZN | NASDAQ | Common Stock |
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By Dhanya Ann Thoppil
BANGALORE, India--Flipkart Internet Pvt., India's largest e-commerce company by sales, said Saturday it has raised $700 million in a third round of financing this year as global investors rush to get a piece of India's growing online market.
The Bangalore-based company said it raised funds from existing investors such as DST Global, run by Russian billionaire Yuri Milner, U.S.-based Tiger Global Management and Singapore sovereign-wealth fund GIC, along with new backers such as Scotland-based independent investment firm Baillie Gifford and Hong Kong's Steadview Capital.
The funds will be used to make "long-term strategic investments" in India and to build "a world class technology company," Flipkart said in a statement. The company didn't elaborate.
The funding comes as competition heats up in India's e-commerce market that, while still relatively small, is growing rapidly, fueled by the spread of smartphones and inexpensive Internet-subscription fees.
In July, Flipkart raised $1 billion from investors, valuing the company at about $7 billion. Shortly afterward, U.S. online retailer Amazon.com Inc. said it would invest $2 billion in its India operations.
In October, Snapdeal, another large online marketplace, said it raised more than $600 million from Japan's SoftBank Corp. and other investors, valuing the company at about $2 billion.
This latest round of funding values Flipkart at more than $10 billion, said Ashish Jhalani, founder of eTailing India, a retail and e-commerce advisory and research firm. Mr. Jhalani said Flipkart's funding underscores investors' faith in India's e-commerce market and wipes away concerns of a bubble in the sector.
"E-commerce is here to stay. The investor community is proving that by giving such large valuations to the bigger boys again and again," he said.
On Saturday, the company also said its parent, Flipkart Ltd., incorporated in Singapore, has filed with the city state's Accounting and Corporate Regulatory Authority to convert into a public company.
Flipkart said the filing is a mandatory procedure for all companies that have more than 50 shareholders to ensure compliance with the laws of Singapore.
This "is in no way indicative of any upcoming initial public offering or of any corporate activity that the company is engaged in either in Singapore or any other part of the world," the company said.
Write to Dhanya Ann Thoppil at dhanya.thoppil@wsj.com
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