Flipkart has secured $3.6 billion in a new round of funding from a clutch of global investors, sovereign funds, private equity, in addition to Walmart.
This round of funding was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2, and Walmart, along with investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton, and Tiger Global.
With the latest fundraise, the company is now valued at over $37.6 billion.
The fresh capital will give Flipkart the firepower to expand online shopping in India and take on rivals such as Amazon, Reliance Industries (RIL), and the Tata Group.
Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, "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 Kiranaa. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain."
Flipkart will continue to make deeper investments across people, technology, supply chain, and infrastructure to address the requirements of a rapidly growing consumer base in India. Through its expanding grocery and last-mile delivery programs, the company will also work with Kiranas to help them digitize and grow.
Judith McKenna, President and CEO, Walmart International, stated, “Kalyan and the team have put the Indian customer at the center of everything and they have continued to innovate in the categories and services Indian customers want most, creating new jobs and growth opportunities for Indian entrepreneurs and small businesses alongside them.”
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