India’s e-commerce giant, Flipkart, is closing a funding round for over $500 million, which implies it has a valuation of $15.5 billion, reports Forbes.
Flipkart’s two founders, Sachin Bansal and Binny Bansal, former Amazon executives, will be the first of India’s e-commerce entrepreneurs to turn billionaires. At a $15.5 billion valuation, their net worth will zoom up to $1.16 billion each.
After the close of this round, Flipkart is said to be contemplating to borrow anywhere between $200 million to $500 million to expand stay ahead on several fronts.
Flipkart has signed up a spanking new $2 million square feet space in an office park in Bangalore. It is billed as India’s largest commercial real estate deal.
The e-commerce platform lists 30 million products, ships 8 million packages a month and has 45 million registered users. Flipkart delivers in over 1000 Indian cities and towns. It currently has 33,000 employees.