Flipkart secures $1.2bn funding
The week beginning 13 July 2020 has been good for India-US business partnership as Flipkart announced a US$1.2 billion funding from Walmart on 14 following up on Google’s US$10 billion investment announced by Sundar Pichai.
And there is the Vanguard partnership with Infosys on 14 July as well as Qualcomm’s backing for Reliance Jio’s 5G with an Rs.750 crore investment prior to those announcements.
Flipkart Group, leading the e-commerce market in the country, has closed a US$1.2 billion funding led by Walmart, already its majority stake owner. Walmart Inc has invested US$16 billion for acquiring 77% in the group in 2018.
The round also had participation from a group of existing shareholders, putting Flipkart value at US$24.9 billion post-money.
The latest investment will be funded in two tranches over the remainder of the fiscal year.
“Since Walmart’s initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services.
“Today, we lead in electronics and fashion, and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers,” Flipkart CEO Kalyan Krishnamurthy said.
The company, founded in 2007, will continue innovating to bring the next 200 million Indian shoppers online, he added. #investment #ecommerce #walmart #flipkart #US #india #trade /fiinews.com
