• Flipkart raises $3.6 billion in current funding as estimate plunges to $37.6 billion

    Business

    New Delhi: On Monday, Flipkart Group stated it had advanced USD 3.6 billion (approximately Rs 26,805.6 crore) in funding directed by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2, including Walmart, considering the e-commerce giant at USD 37.6 billion.

    The firm, which competes with Amazon, Reliance Industries’ JioMart, including others in the burgeoning Indian e-commerce business, stated it would advance more extensive investments across forms, technology, equipment chain, and infrastructure demands, increasing customer support in the nation.

    The prevailing funding rounded has additionally seen cooperation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, including marquee investors Tencent, Tiger Global, Willoughby Capital, Antara Capital, Franklin Templeton.

    The investment marks the Group at USD 37.6 billion (around Rs 2.79 lakh crore) post-money, Flipkart stated in a report.

    “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 kiranas," Flipkart Group Chief Executive Officer Kalyan Krishnamurthy stated.

    Flipkart would continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain, he continued.

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