In the biggest round of funding into any Indian startup, shopping website Flipkart today said it has received $1 billion in funding from Singapore’s sovereign wealth fund, GIC, along with existing investors Accel Partners, DST Global, ICONIQ Capital, Morgan Stanley Investment Management and Sofina. The investment was co-led by existing investors Tiger Global Management and Naspers.
This is one of the largest investments raised in a single round globally. Taxi rental startup Uber raised $1.2 billion earlier this year. Facebook had raised $1 billion in 2011. The valuation at which the investment has come though differs greatly. Uber was valued at $18.2 billion and Flipkart was reportedly valued at a more modest $5 billion, similar to the valuation of Pinterest and half the valuation of companies like Airbnb, Xiaomi and Dropbox.
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