Industry

Flipkart raises $3.6 bn to fund its India expansion

Flipkart logo.  

The Flipkart Group, a homegrown consumer internet ecosystem, on Monday said it raised $3.6 billion to fund its digital commerce activities in India.

The fundraise seen participation from global investors, including sovereign funds, private equity and crossovers in addition to Walmart. The new investment values Flipkart Group at $37.6 billion.

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 and Qatar Investment Authority, Khazanah Nasional Berhad. Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global were also part of the funding, as per a Flipkart statement.

Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, “At Flipkart, we are committed to transforming the consumer internet ecosystem in India and providing consumers access and value. 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.”

Powered by the fresh investment, Flipkart said it would 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.

The investment was a reflection of global investor confidence in digital commerce in the country, the e-tailer further said.


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Printable version | Oct 24, 2021 6:43:51 PM | https://www.thehindu.com/business/Industry/flipkart-raises-36-bn-to-fund-its-india-expansion/article35275929.ece

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