The logo of India's e-commerce firm Flipkart is seen (NDTV Gadgets)
Flipkart declared a $1.2 billion (approximately Rs 9,048 crore) funding round in July of last year, backed by its primary stakeholder Walmart. Walmart Inc. spent $16 billion in 2018 to buy a 77 percent interest in the company. Flipkart Group, an eCommerce giant, announced on Monday that it has raised roughly $26,805.6 crore ($3.6 billion) in financing.
Flipkart's market capitalization has risen to 2.79 lakh crore ($37.6 billion) as a result of this.
GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2, and Walmart led the latest round of funding, which also included investments from sovereign funds DisruptAD, Qatar Investment Official, and Khazanah Nasional Berhad. Other than all of these investors like marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton, and Tiger Global have also contributed in the same.
In the booming Indian e-commerce industry, the business, which rivals Amazon, Reliance Industries' JioMart, and many others, said it will carry on making significant efforts in people, technology, supply chain, and structure to meet the needs of a quickly rising user base for the country.
“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 Kirana," Flipkart Group Chief Executive Officer Kalyan Krishnamurthy said.
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