Files for conversion to a public company in Singapore

Online marketplace Flipkart, on Saturday, said it had raised $700 million in fresh round of funding. The fresh round of funding brought five new investors such as Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority on board.

According to a company statement, apart from the five new investors, existing investors, including DST Global, GIC, ICONIQ Capital and Tiger Global, also participated in this latest financing round.

“As with previous funds raised, these funds will be used towards long-term strategic investments in India and to build a world-class technology company, delivering superior customer experiences,” the statement said.

According to reports, the city headquartered company has so far raised around $1.2 billion in this year. Recently, Delhi-based player Snapdeal raised around $627 million from Japanese internet and telecom major SoftBank. Flipkart, which is incorporated in Singapore, has also filed with the Accounting and Corporate Regulatory Authority of Singapore for conversion to a public company, a mandatory procedure for all companies where the number of shareholders exceeds 50.

“This filing ensures we are in compliance with the laws of Singapore, and is in no way indicative of any upcoming IPO or of any corporate activity that the company is engaged in either in Singapore or any other part of the world,” the company added.