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Tag: DST Global

  • India’s Flipkart closes $1 billion funding round

    India’s Flipkart closes $1 billion funding round

    Indian e-commerce giant Flipkart has closed a US$1 billion funding round, with plans to raise an equal amount over the next few months.

    Investors who have contributed to this round include eBay, Microsoft and Tencent Holdings, Bloomberg reports.
    The funding comes at a valuation of $10 billion, up from $5.39 billion when its minority investor and the mutual fund managed by Morgan Stanley slashed Flipkart valuation by 3 per cent last month. Its peak valuation was $15.5 billion in 2015.

    Launched in 2007, Flipkart was one of the first Indian tech companies to enter the global Unicorn startups club. It had an invincible run until Amazon entered India in 2012.

    In 2014, Flipkart raised $1 billion, a record amount for an Indian company, from investors including Accel Partners, Russia-based DST Global and Tiger Global, whose former MD Kalyan Krishnamurthy has joined Flipkart as CEO.

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  • UberEats Singapore hits the road

    UberEats Singapore hits the road

    UberEats Singapore has launched, the ride-hailing app’s food-delivery service making its Asian debut.

    Using the standalone app, Singaporeans can order food from about 100 restaurants. While deliveries are initially limited to the central business and commercial area, the company plans to expand its service coverage as well as menu.

    Making its debut in Toronto early this year, the app expanded to four major US cities in March, and Uber began signing up restaurants and testing the service in Singapore last month.

    Singapore was also the first Asian market to have Uber’s ride service, in February 2013.

    UberEats is up against entrenched food-delivery services such as Rocket Internet-backed FoodPanda and Deliveroo, whose investors include Accel and DST Global. Using the map-routing algorithms Uber uses to connect drivers and passengers as quickly as possible, UberEats Singapore promises delivery within 35 minutes.

    It has raised US$9 billion in funding so far, and the delivery driver program is separate from ride-sharing, though drivers can do both.

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