Flipkart raises fresh funding of $ 3.6 billion, valuation increases to close to $ 40 billion

New Delhi: Flipkart The 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 the capabilities of Flipkart to maximize this potential for all stakeholders. As we serve our consumers, we will focus on accelerating the growth of millions of small and medium Indian businesses, including grocery,” said Kalyan Krishnamurthy, CEO, Flipkart Group. Flipkart is investing in new categories and markets in India. Will continue to leverage the technology built in to transform consumer experiences and develop world-class supply chains, he said.