Flipkart To Raise $1.5 Billion, Looks Forward To Expand Its Product Range

Flipkart, India's largest e-tailer, is likely to start another round of fund raising as it looks to expand its range of products in order to cater to a wider base of customers. According to media reports, it will seek about $1.5 billion and has started the process of identifying potential investors.

The e-commerce giant has raised about $1.2 billion this year. It had recently held festival sales, giving steep discounts. Following the mega festive season sale in October, during which it shipped about 80 lakh items as compared to 50 lakh on average, Flipkart has revised its internal target to reach sales worth $4 billion by the end of the current financial year.

The Bangalore-based company is looking to increase the number of product categories in which they have leadership. "It has built a lead in fashion with the Myntra acquisition. The same push needs to happen across categories," said Manish Saigal, managing director at advisory firm Alvarez and Marsal.

Amazon India had recently launched its gourmet and speciality foods category with more than 155 brands, both domestic as well as imported. Another e-tailer, Snapdeal, already sells products in these categories.