Flipkart closes funding of Rs. 4,500 cr

BANGALORE, INDIA: E-commerce giant Flipkart has closed a funding of Rs. 4,500 crore.

According to reports, Tiger Global and Steadview Capital participated in the fund raise. The valuation of the eight year old company now stands at $15 billion. It has so far raised $3.4 billion. The 8.5pc stakes that Sachin and Binny Bansal hold separately are now valued at $1 billion each.

Flipkart has been recruiting top talents which included appointment of ex- google employee Krishnendu Chaudhury as head of image sciences. The top technology recruitments is said to be aligned with its strategic move to app-only which will be in September.