Economy

Flipkart raises $3.6 billion from GIC, SoftBank, Walmart, others; valuation hits $37.6 billion

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  • In July last year, Flipkart had announced a USD 1.2 billion (roughly Rs 9,048 crore) fundraising led by its majority shareholder Walmart that had valued the Bengaluru-based company at USD 24.9 billion (roughly Rs 1.87 lakh crore).

Flipkart Group on Monday said it’s raised USD 3.6 billion (approximately Rs 26,805.6 crore) in investment led with the aid of using GIC, Canada pension account Investment Board (CPP Investments), SoftBank Vision Fund 2, and Walmart, valuing the e-trade large at USD 37.6 billion.

The agency, which competes with Amazon, Reliance Industries’ JioMart et al. inside the burgeoning Indian e-trade market, said it’ll still make deeper investments throughout people, technology, delivery chain, and infrastructure to deal with the wants of a swiftly developing patron base inside the country.

The contemporary investment spherical has additionally visible participation from sovereign price range DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad additionally as marquee traders Tencent, Willoughby Capital, Antara Capital, Franklin Templeton, and Tiger Global.

The funding values the Group at USD 37.6 billion (approximately Rs 2. seventy-nine lakh crore) post-money, Flipkart said in the course of a statement.

“This funding with the aid of using main worldwide traders displays the promise of virtual trade in India and their perception in Flipkart’s talents to maximize this ability for all stakeholders. As we serve our consumers, we’ll specialise in accelerating increase for many small and medium Indian businesses, inclusive of Kirana,” Flipkart Group Chief army officer Kalyan Krishnamurthy said.

Flipkart will still put money into new classes and leverage made-in-India technology to rework patron reports and expand a world-magnificence delivery chain, he added.

In July ultimate year, Flipkart had introduced a USD 1.2 billion (kind of Rs nine,048 crores) fundraising led with the aid of using its majority shareholder Walmart that had valued the Bengaluru-primarily based totally agency at USD 24.nine billion (kind of Rs 1.87 lakh crore).

In 2018, Walmart Inc had invested USD sixteen billion for obtaining a seventy-seven percentage stake inside the group. Founded in 2007, the Flipkart Group consists of Flipkart, style area of expertise web page Myntra, and Ekart (logistics and provide chain arm). The group is additionally a majority shareholder inside the virtual bills platform PhonePe.

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