Flipkart filed with ACRA Singapore to be a public company after a fresh round of investments worth USD 700 million from new global investors Greenoaks Capital, Steadview Capital and Qatar Investment Authority, along with existing investors such as DST Global, ICONIQ Capital and Tiger Global.
This fresh round of investment comes within 6 months of the previous round in which flipkart raised a staggering USD 1 billion.
This fresh round of investment increases the total number of shareholders in the firm to greater than 50 and according to the rules of ACRA Singapore under which Flipkart is incorporated, any firm with greater than 50 investors should be registered as a Public company and adhering to that, Flipkart filed with ACRA to change its status from Private to Public company.
Closing this round puts flipkart’s valuation at USD 11 billion (Rs.69,000 crores) which is more than some of the largest consumer companies like Godrej Consumer, Dabur India etc.,
This filing gave birth to a rumour that flipkart will be going public in near future. The firm made it clear that the filing only ensures that flipkart is in compliance with the laws of Singapore and is in no way an indicative of any upcoming IPO or any corporate activity in either Singapore or any other part of the world (Obviously they meant India!). They further stated that the new funds raised will be used towards long-term strategic investments in India and towards building a world-class superior technology company that delivers superior customer experiences.