(Adds Flipkart declined comment)
By Sankalp Phartiyal
MUMBAI, March 7 India's top e-commerce company
Flipkart is holding talks with investors to raise up to $1
billion in one of its biggest funding rounds so far, a source
familiar with developments said on Wednesday.
The source declined to name the potential investors and the
exact valuation Flipkart was looking for, but said it hoped the
valuation would be in the "double digits", referring to a
valuation of $10 billion or more.
Earlier on Wednesday, Financial Express newspaper, citing
unidentified sources, said the expected fundraising could value
Flipkart at up to $8 billion, far lower than the roughly $15
billion in its last funding round.
A Flipkart spokesman said the company would not comment on
Flipkart's latest fundraising comes amid intensifying
competition in the e-commerce space from the likes of U.S.
internet giant Amazon.com Inc and domestic rival
Snapdeal, which is backed by Japan's Softbank Group.
The ensuing heavy losses have hit valuations among India's
e-commerce players. Some funds that have invested in Flipkart
have recently slashed the value of their holdings, media reports
have said, citing securities filings.
Launched by two former Amazon employees in 2007, Flipkart's
biggest investor is U.S. hedge fund Tiger Global. Others include
Accel Partners, DST Global and Baillie Gifford.
The company has so far raised more than $3 billion in
funding, mostly from international investors.
(Reporting by Sankalp Phartiyal; Writing by Devidutta Tripathy;
Editing by Euan Rocha and Mark Potter)