Flipkart December 2014, after it received $700 million from another funding, Flipkart had a market cap of $11 billion. On 20 December 2014, Flipkart 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. 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. , Flipkart
Flipkart led to public outcry and widespread criticism among consumers, competitors and partners, heavily damaging its reputation. Many users could not place orders because of high server load and errors which led to frustration among customers. Many users who placed orders received emails stating that their orders were cancelled. Most of the products were sold for less than their cost, and Flipkart was accused of anti-competitive behaviour. Major competitors filed complaints against Flipkart with the Commerce Ministry, claiming that selling products lower than cost is against the commerce policy of the country. The Ministry said that they would formulate new trade