Rags to riches: Flipkart’s journey from Rs 4,00,000 to $5-6 billion
In the biggest fund-raising ever for an Indian e-commerce company, Flipkart recently attracted a whopping $1 billion from its existing investors Tiger Global Management and Naspers.
As per industry experts, the Bangalore-based company is now valued at somewhere between $5 and $6 billion — double the estimated value of $2.5-3 billion in May this year.
Flipkart co-founders Sachin Bansal and Binny Bansal want to make Flipkart the country’s first Internet company to be valued at $100 billion.
Flipkart has till now garnered almost $1.7 billion as it battles Amazon and Snapdeal for the top slot.
Here, we present a timeline of Flipkart’s funding — how the seven-year-old company that founders started off with just Rs 400,000 — is now worth thousands of crores.
October 14, 2008: Co-founders Sachin Bansal and Binny Bansal start Flipkart with a capital of Rs 400,000
July 15, 2010: Tiger Global joins with an investment of $10 million
June 16, 2011: The company announces new logo and gets another investment of $20 million by Tiger Global
August 24, 2012: Investment of $150 million by Tiger Global and Naspers group, crosses gross sales of Rs 100 crore
July 10, 2013: Attracts investment of $200 million from Tiger Global, Naspers, Accel Partners and Iconiq Capital, crosses single-day shipment of 1.3 lakh
October 9, 2013: Another investment of $160 million by Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina, Vulcan Capital and Tiger Global
May 26, 2014: Flipkart acquires Myntra
July 29, 2014: Attracted a whopping $1 billion from Tiger Global Management and Naspers
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Just a day after Flipkart announced raising $1 billion, e-commerce giant Amazon, too, announced that it will invest an additional $2 billion in India to expand its growth in the country.