Flipkart Raises $180 Million, Set for $11 Billion Valuation: Report

India's biggest e-commerce giant, Flipkart is said to have raised $180 million as initial investment in its third round of fund-raising that is expected to see $700 million (roughly Rs. 4,465 crore) invested in total, which would see the company valued at over $11 billion (roughly Rs. 69,000 crore).

Flipkart was reportedly eyeing its third round of funding this year and according to a report on Tuesday citing two people directly involved in the deal, the company received its initial investment of $180 million (roughly Rs. 1,150 crore) led by a Hong-Kong based investment firm named Steadview Capital.

The report quotes one of the sources saying, "Steadview has committed $100 million (roughly Rs. 639 crore) of the $180 million and as the subsequent tranches close, more new investors will come in."

(Also see: Indian E-Commerce Industry to Hit $20 Billion Next Year: Report)

The report points out that Flipkart with a valuation of around $11 billion is worth more than some major consumer companies such as Godrej and Dabur India.

Another source added, "The commitment for this round is $700 million, but as talks keep evolving that amount might vary slightly."

The third round of funding is said to the see participation of existing investors such as DST Global, Naspers and Tiger Global Management. The online retailer is reportedly being "very choosy about the new investors" coming onboard.

So far, no announcement regarding funding has been confirmed either by Flipkart or Hong-Kong based investment company Steadview Capital.

(Also see: Traders Move Against Flipkart, Amazon for Selling Below Purchase Price)

Back in May, the e-commerce giant had raised $210 million (roughly Rs. 1,233.4 crores) in funding, and brought the private equity firm DST Global on board as an investor. In July, it raised a funding worth $1 billion (roughly Rs. 6,000).

Snapdeal, not too far behind, in October raised between $600 million to $650 million (roughly Rs. 3,660 crores to Rs. 3,965 crores) from existing investors, as well as Japan's SoftBank.