Flipkart raises mammoth $3.6 Bn; Valued at $37.6 Bn with SoftBank, GIC, Walmart and CPP investing


Indian E-commerce giant Flipkart has raised $3.6 billion (INR 26,805.6 crore) led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart. The round valued the company at $37.6 billion(Post-money Valuation).

The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.

In July 2020, Flipkart had announced a $1.2 billion fundraising led by its majority shareholder Walmart that had valued the Bengaluru-based company at $24.9 billion. In 2018, Walmart Inc had invested $16 billion for acquiring a 77 per cent stake in the group.

The company said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country.

Founded in 2007, the Flipkart Group today includes Flipkart, fashion speciality site Myntra and Ekart (logistics and supply chain arm). Flipkart has also invested in many companies to expand its wings. Currently, it is the majority shareholder in the UPI-driven digital payments app, PhonePe, which claims to have more than 300 million users, clocking over a billion transactions per month.

The Bengaluru-headquartered e-commerce giant claims to have more than 350 million registered users, with more than 300K registered sellers on the Flipkart marketplace, of which 60% are said to be from Tier 2 cities and beyond. Further, it said that currently, it works with 1.6 Mn Kirana across India.

“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.

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

Leave a Reply

Your email address will not be published.

Subscribe to our Newsletter!

Get the latest on the Startup ecosystem delivered to you every day. Made for the Smart and Ambitious.