Initially, they had spent ?400, 000 ( US$5, 900) only for making the website to set up the business.[30] Flipkart has later raised funding from venture capital funds Accel India ( $1 million in 2009) [31][32][33] and Tiger Global ( $10 million in 2010 and $20 million in June 2011) .[34][35][36] On 24 August 2012, Flipkart announced the completion of its 4th round of $150 million funding from MIH ( part ofNaspers Group) and ICONIQ Capital.[37] The company announced, on 10 July 2013, that it has raised an additional $200 million from existing investors including Tiger Global, Naspers, Accel Partners and Iconiq Capital.[38]
Flipkart's reported sales were ?40 million( US$590, 000) in FY 2008–2009, [39][40]?200 million ( US$3.0 million) in FY 2009–2010[41] and ?750 million ( US$11 million) forFY 2010–2011.[42] In FY 2011–2012, Flipkart is set to cross the ?5 billion ( US$74 million) mark as Internet usage in the country increases and people get accustomed to making purchases online.[43] Flipkart projects its sales to reach ?10 billion ( US$150 million) by year 2014. On average, Flipkart sells nearly 10 products per minute[44] and is aiming at generating a revenue of ?50 billion( US$740 million) by 2015.[45]
On November 2012, Flipkart became one of the companies being probed for alleged violations of FDI regulations of the Foreign Exchange Management Act, 1999[46][47]
Flipkart reported a loss of ?2.81 billion( US$42 million) for the FY 2012-13.[48] In July 2013, Flipkart raised $160 million from private equity investors.[49]
In October 2013, it was reported that Flipkart had raised an additional $160 million from new investors Dragoneer Investment Group, Morgan Stanley Wealth Management, SofinaSA and Vulcan Inc. with participation from existing investor Tiger Global.[50][51][52]
On 26 May 2014, Flipkart announced that it has raised $210 million from Yuri Milner’s DST Global and its existing investors Tiger Global, Naspers and Iconiq Capital.[53]
In early July 2014, it was also highly speculated that Flipkart was in negotiations to raise at least $500 million, for a likely listing in the US for 2016.[54]
On 29 July 2014, Flipkart announced that it raised $1 billion[55] from Tiger Global Management LLC, Accel Partners, and Morgan Stanley Investment Management and a new investor Singapore sovereign-wealth fund GIC.[56]
On 6 October 2014, Flipkart sold products worth ?6.5 billion ( US$97 million) in 10 hours in a special one-day event - The Big Billion Day, claiming they had created e-commerce history, but their hard-won reputation for good customer service suffered because of technical problems, and angry reactions on social media from buyers disappointed with the pricing and availability of products.[57][58][59] It claimed to sell a whopping 500, 000 mobile handsets, 500, 000 clothes and shoes and 25, 000 television sets within hours of opening its discounted sale at 8 AM.[60] In December 2014, After it received $700 million from another funding, Flipkart had a market cap of $11 billion.[61] In May 2015 Flipkart has raised $550 million from some of its existing investors, in a deal that raises the valuation of the privately held Indian startup to about $15 billion.[62]
On 20 December 2014, Flipkart announced filing application with Singapore-based companies' regulator ACRA to become a public company after raising $700 million for long term strategic investments in India following which its number of investors exceeded 50. The $700 million fund raised by Flipkart added new investors—Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe Price Associates and Qatar Investment Authority—on company's board.Its existing investors DST Global, GIC, ICONIQ Capital and Tiger Global also participated in this latest financing round.[63]
By August 2015, after raising $700 million, Flipkart had already raised a total of $3 billion, over 12 rounds and 16 investors
