Flipkart will elevate $1.2 billion value of funding from traders led by US-based retail big Walmart, the e-commerce participant stated in an official launch on Tuesday. Following the most recent spherical of funding, Flipkart will probably be valued at $24.9 billion, the corporate stated. Walmart is Flipkart’s majority stake proprietor. Walmart in 2018 paid $16 billion for a greater than 70 per cent stake in Flipkart, considered one of India’s greatest recognized startups, to raised compete with Amazon.com Inc in an necessary development market. Flipkart didn’t disclose particulars on the dimensions of Walmart’s stake within the firm following the most recent deal.
“Flipkart Group at present closed a further $1.2 billion fairness spherical to help continued improvement of its eCommerce market as India emerges from the Covid-19 disaster,” the official launch said, including that the funding will probably be obtained in two tranches over the rest of the fiscal yr.
“We’re grateful for the robust backing of our shareholders as we proceed to construct our platform and serve the rising wants of Indian shoppers throughout these difficult instances,” Flipkart CEO Kalyan Krishnamurthy stated, commenting on the investments.
Mr Krishnamurthy additionally stated that the corporate goals to convey the following 20 crore Indian buyers on-line.