E-commerce major Flipkart on Saturday 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.
"Flipkart Limited (incorporated at Singapore) has filed with ACRA Singapore for conversion to a Public Company. This is a mandatory procedure for all companies where the number of shareholders exceeds 50," Flipkart said in a statement.
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.
The company said: "This filing ensures we are in compliance with the laws of Singapore and is in no way indicative of any upcoming IPO or of any corporate activity that the company is engaged in either in Singapore or any other part of the world".
Flipkart said the funds raised will be used towards long-term strategic investments in India and to build a world-class technology company, delivering superior customer experiences.
