India: Flipkart said to raise $1b with plans for $1b more

The Flipkart delivery process. Photo: Bloomberg

Flipkart Online Services Pvt Ltd has completed a $1 billion fundraising and aims to raise as much as $1 billion more over the next few months, according to people familiar with the matter, giving India’s largest e-commerce company capital to battle back against rising competition.

Flipkart closed the latest round on Friday at a valuation of about $10 billion, said the people, asking not to be named because the matter is private. The valuation is a decline from Flipkart’s $15.5 billion in 2015. The company didn’t immediately provide comment.

The 10-year-old start-up is fighting for its life against Amazon.com Inc. and other rivals looking for a piece of the fast-growing India market. Earlier this year, New York’s Tiger Global Management installed its own Kalyan Krishnamurthy as chief executive officer to replace one of the company’s founders.

The latest fundraising shows investors believe Flipkart has a good chance. The company’s backers in the latest round include Microsoft Corp., EBay Inc. and Tencent Holdings Ltd.

Flipkart is struggling through India’s version of a dot-com bust. Hundreds of Indian Internet start-ups are losing money, cutting jobs and reducing valuations in exchange for fresh financing. A Bangalore-based firm even put together the Deadpool list, a catalogue of dead or dying start-ups similar to the F**ked Company website created in the aftermath of the US Internet bubble.

Also Read: India: Morgan Stanley marks down Flipkart’s valuation again amid fundraising talks

Flipkart outsells Amazon in Dec, Jan on bumper smartphone sales

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.