Flipkart raises $3.6 billion from GIC, SoftBank, Walmart, others; Valuation hits $37.6 billion
Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart. .
The company, which competes with Amazon, Reliance Industries’ JioMart and others in the Indian e-commerce market to meet the needs of a fast-growing consumer base, said it is looking to diversify into people, technology, supply chain and infrastructure. Will continue to invest deeply. in country.
The current funding round has seen participation from sovereign funds Disrupted, Qatar Investment Authority, Khazana National Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
After the investment, the group is valued at $37.6 billion (about Rs 2.79 lakh crore), Flipkart said in a statement.
“This investment by leading global investors reflects their belief in the promise of digital commerce in India and Flipkart’s capabilities to maximize this potential for all stakeholders. and will focus on accelerating the growth of medium Indian businesses.” Including grocery,” said Flipkart Group CEO Kalyan Krishnamurthy.
He added that Flipkart will continue to invest in new categories and leverage India-made technology to transform consumer experiences and develop world-class supply chains.
In July last year, Flipkart announced a USD 1.2 billion (about Rs 9,048 crore) deal led by its majority shareholder Walmart, valuing the Bengaluru-based company at USD 24.9 billion (about Rs 1.87 lakh crore).
In 2018, Walmart Inc. invested USD 16 billion to acquire a 77 percent stake in the group.
Founded in 2007, the Flipkart Group consists of Flipkart, fashion specialty site Myntra and Ekart (the logistics and supply chain arm). The group is also a majority shareholder in the digital payments platform PhonePe.
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