Categories: Business

Flipkart to raise $ 1.2 billion in walmart led funding

Photo: FLIPKART

Flipkart to raise $ 1.2 billion in walmart led funding

new Delhi. The group, led by US retail giant Walmart, will invest $ 1.2 billion or Rs 9,045 crore in Indian e-commerce company Flipkart. This will enable Flipkart to prepare itself to challenge Amazon and Mukesh Ambani's Geomart in the Indian market. Walmart owns Majority in the e-commerce company. Walmart acquired a 77 percent stake in Flipkart in 2018 with an investment of $ 16 billion. The two companies said in the statement that Walmart along with existing shareholders of the group also participated in this phase of investment. After this investment, Flipkart has been valued at $ 24.9 billion. Two years ago, Flipkart was valued at $ 20.8 billion.

Flipkart will get these funds in two phases in the remaining period of the financial year. However, Flipkart has not revealed which other shareholders are investing in the company. Flipkart said, "This new capital will help it further expand its e-commerce marketplace in the Indian market." The world's second largest Internet market is now recovering from the Kovid-19 crisis. "Flipkart Chief Executive Officer (CEO) Kalyan Krishnamurthy said," Since Walmart's initial investment in the company, we have seen technology, partnerships and new services. "We have expanded our offering significantly." Today, we are at the forefront of the electronics and fashion sectors and are also increasing our stake in other general categories and groceries, "he said. Innovation will continue to bring crore buyers online. Flipkart was formed in 2007. The group companies include digital payment platform PhonePe, fashion sector site Myntra and eCart in addition to Flipkart.

This post was published on July 14, 2020 9:48 pm

Content Team

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