India's online retailer Flipkart, announced on Saturday (Dec 20) that it has raised funding worth US$700 million.
The funding was led by new investors Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority, along with existing investors DST Global, GIC, ICONIQ Capital and Tiger Global.
As with previous funds raised, Flipkart said in its media statement that these funds will be used for long-term strategic investments in India, as well as towards building itself to be a "world-class technology company", delivering superior customer experiences.
Additionally, the company announced that Flipkart Limited (incorporated in Singapore) has filed with ACRA Singapore for conversion to a Public Company, which is mandatory for all companies where the number of shareholders exceeds 50.
This filing ensures that the company is in compliance with the laws of Singapore and is in no way indicative of any upcoming IPO or of any corporate activity that the company is engaged in either in Singapore or any other part of the world, said Flipkart.
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