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

Flipkart raises USD 3.6 billion from GIC, SoftBank, Walmart, others; valuation hits USD 37.6 billion
Image Source : PTI

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

Flipkart Group on Monday mentioned it has raised USD 3.6 billion (about Rs 26,805.6 crore) in funding led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce big at USD 37.6 billion.

The firm, which competes with Amazon, Reliance Industries’ JioMart and others within the burgeoning Indian e-commerce market, mentioned it’ll proceed to make deeper investments throughout folks, know-how, provide chain and infrastructure to handle the necessities of a quickly rising shopper base within the nation.

The present funding spherical has additionally seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad in addition to marquee traders Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.

The funding values the Group at USD 37.6 billion (about Rs 2.79 lakh crore) post-money, Flipkart mentioned in an announcement.

“This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders. As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas,” Flipkart Group Chief Executive Officer Kalyan Krishnamurthy mentioned.

Flipkart will proceed to put money into new classes and leverage made-in-India know-how to rework shopper experiences and develop a world-class provide chain, he added.

In July final 12 months, Flipkart had introduced a USD 1.2 billion (roughly Rs 9,048 crore) fundraising led by its majority shareholder Walmart that had valued the Bengaluru-based firm at USD 24.9 billion (roughly Rs 1.87 lakh crore).

In 2018, Walmart Inc had invested USD 16 billion for buying a 77 per cent stake within the group.

Founded in 2007, the Flipkart Group consists of Flipkart, trend speciality website Myntra and Ekart (logistics and provide chain arm). The group can also be a majority shareholder within the digital funds platform PhonePe.

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