Flipkart close to finalizing $550 million funding

A first for Flipkart in 2015, the ecommerce giant is set to close a funding deal amounting to $550 million (Rs 3500 crore). Set to be finalized by the end of this month, it will amount to a valuation of $16 billion.

The company’s largest investor Tiger Global will contribute $100 million to the funding round. The ecommerce player also has other investors like Qatar Investment Authority, DST Global, Naspers, GIC, Accel Partners and Steadview Capital.

“This could be the penultimate round of funding before Flipkart explores raising more money in the form of debt later this year,” said one of the sources.

Flipkart has been focusing on hiring top talent to strengthen its technology backbone and thus keep ahead in the ecommerce race.