Ever since its inception, eCommerce giant
Flipkart has ‘grown from strength to strength’ in India and managed to raise Rs 10,500 crore ($1.7 billion) in the last fiscal year.
And now with investment firms
Helion Venture Partners and
IDG Ventures India selling stakes in Flipkart, the value of India's largest online retailer stands at $12.5 billion (Rs 77,000 crore), as reported by The Economic Times.
Helion, which got a stake in the Bengaluru-based company by virtue of its investment in online electronics retailer
LetsBuy that was acquired by Flipkart in 2012, has sold its entire stake of 0.2%, estimated to be worth Rs 156 crore. IDG Ventures, which entered Flipkart through fashion portal
Myntra that was bought last year, has shed a portion of its holding of 1% by selling stake worth nearly Rs 940 crore last month. IDG still holds about 0.9% stake in Flipkart.
As reported by The Economic Times, the Sachin and Binny Bansal founded company’s valuation leapfrogged from Rs 16,120 crore ($2.6 billion) in May 2014 to about Rs 68,000 crore ($11 billion) by December when it raised $700 million led by
Steadview Capital.
Industry experts are of the view that the stake sales are happening at a time when
funding cycles are expected to taper off in India's redhot eCommerce sector. The top three firms mopped up nearly Rs 31,000 crore ($5 billion) of funding in 2014.
Helion has declined to comment on the developments while IDG Ventures and Flipkart did not respond to email queries by the financial daily.
(Image: India Times)
