India online retail giant, Flipkart has raised $3.6bn (£2.6bn) ahead of an expected stock market debut.

Flipkart’s chief executive, Kalyan Krishnamurthy revealed this in a statement, adding that the new funds would support the company’s expansion plans.

Krishnamurthy said, “As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses.

“We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain,” he said.

The company also revealed it will use the money to expand its operations and invest further in its grocery, fashion and delivery service.

The latest round of fund-raising has increased the firm’s value to $37.6bn.

The new valuation is more than the amount the American retail chain paid for a majority stake in Flipkart three years ago.

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