Funding and Revenue
Description
The initial development budget of Flipkart was ₹400,000 (US$5,000).[102] It later raised funding from venture capital firms Accel India (receiving US$1 million in funding in 2009)[103][104] and Tiger Global (US$10 million in 2010 and US$20 million in June 2011).[105][106][107] On 24 August 2012, Flipkart announced the completion of its 4th round of funding, netting a total of US$150 million from MIH (part of the Naspers Group) and ICONIQ Capital. The company announced on 10 July 2013 that it had raised an additional US$200 million from existing investors, including Tiger Global, Naspers, Accel Partners and Iconiq Capital.[108]
Flipkart's reported sales were ₹40 million (US$500,000) in the FY2008–09,[109][110] ₹200 million (US$2.5 million) in the FY2009–10[111] and ₹750 million (US$9.4 million) in the FY2010–11.[112]
Flipkart reported a loss of ₹2.81 billion (US$35 million) for the FY2012–13.[113] In July 2013, Flipkart raised US$160 million from private equity investors.[114]
In October 2013, it was reported that Flipkart had raised an additional US$160 million from new investors Dragoneer Investment Group, Morgan Stanley Wealth Management, Sofina SA, and Vulcan Inc., with a share of the funding coming from existing investor Tiger Global.[115][116][117]
On 26 May 2014, Flipkart announced that it had raised US$210 million from Yuri Milner's DST Global and its existing investors Tiger Global, Naspers, and Iconiq Capital.[118]
On 29 July 2014, Flipkart announced that it raised US$1 billion from Tiger Global, Accel Partners, Morgan Stanley Investment Management, and a new investor, Singaporean sovereign wealth fund GIC.[119][120]
In December 2014, after it received US$700 million from another round of funding, Flipkart had a market cap of US$11 billion.[121]
On 20 December 2014, Flipkart announced its filing application with Singapore-based company regulator ACRA to become a public company. This announcement came after the company received US$700 million in long-term strategic investments from more than 50 Indian investors. The US$700 million in funding raised by Flipkart added new investors to the company's board, including Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates, and Qatar Investment Authority. Its existing investors DST Global, GIC, ICONIQ Capital and Tiger Global also participated in this financing round.[122] As of May 2015, Flipkart had raised US$550 million in additional funding from its existing investors in a deal that raised its total valuation to US$15 billion.[123]
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