Flipkart of India raises $1.2 billion led by Walmart

iNDICA NEWS BUREAU

India’s e-commerce giant Flipkart Group Tuesday said it closed an additional $1.2 billion equity round to support continued development of its e-commerce marketplace. The investment is led by Walmart, Flipkart Group’s majority owner, along with a group of existing shareholders and values the company at $24.9 billion post-money.

The money, Flipkart said, would be funded in two tranches over the remainder of the fiscal year.

“We’re grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times,” Flipkart CEO Kalyan Krishnamurthy said in a statement.

“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. We will continue innovating to bring the next 200 million Indian shoppers online.”

Founded in 2007, the Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart, a logistics and delivery service. In 2018, Walmart Inc invested $16 billion for a majority stake in the group.

Flipkart reported 45-percent growth in monthly active customers and 30-percent growth in transactions per customer for FY20.

“Flipkart continues to leverage its culture of innovation to accelerate growth and enable millions of customers, sellers, merchants and small businesses to prosper and be a part of India’s digital transformation,” said Judith McKenna, president and CEO of Walmart International.

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