With $1 Billion In Kitty, Flipkart Now Eyes 100 Million Users

In the biggest fund-raising ever for an Indian e-commerce company, Flipkart on Tuesday 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.

Profitability is not the major concern for Flipkart’s founders, even though it has been in the business for seven years and is believed to be in the red.

Flipkart has till now garnered almost $1.7 billion as it battles Amazon and Snapdeal for the top slot. It has been on a fund-raising mission for some time now, having raised $210 million in May this year, a week after it acquired online fashion retailer Myntra.

Flipkart has 22 million registered users and handles five million shipments per month.