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Published
May 11, 2021
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Flipkart looks to raise $1 billion with new investors

Published
May 11, 2021

E-commerce giant Flipkart is looking to raise upwards of $1 billion (Rs 6,652.75 crore) from a group of new investors ahead of its planned initial public offering and would use the funds for expansion. 

Flipkart could raise up to $2 billion before its IPO later this year - Flipkart


“The capital raise is not being positioned as pre-IPO but for expansion,” an anonymous executive source told ET Tech.

“The management believes there is a lot of value that is trapped in each of its key verticals and the value of parts is more than the whole. The price discovery process is still ongoing. Simultaneously, the US listing plans are ongoing with SPAC as a backup option.”

Flipkart is planning to hold its IPO in the U.S. market in the fourth quarter of the current year, according to the source. By raising up to $2 billion for expansion, the business will have more in its arsenal with which to compete against its main rivals in the Indian e-commerce market, Amazon and Reliance Jio Retail,  both of which have large funding reserves. 
 
The investment round will include JP Morgan and Goldman Sachs as advisors and investors could include technology-focussed financial groups, pension funds, and sovereign wealth funds, among other entities. However, as discussions are at an early stage, the funding round may not come to fruition, according to ET Tech’s source. 

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