An article in Hindustan Times reports that Flipkart, India’s largest e-commerce marketplace, announced $700 million in the latest round of funding from new investors Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates, Qatar Investment Authority, along with existing investors DST Global, GIC, ICONIQ Capital and Tiger Global.
The investment in Flipkart demonstrates the growing confidence of investors in the Indian e-commerce market, currently estimated $3.5 billion, and slated to touch $6 billion next year – a 70% growth – according to Gartner.
Flipkart said in a release that as with previous funds raised, these funds will be used towards long-term strategic investments in India.
