Flipkart Raises Rs 9,000 Crore in Walmart-Led Funding

Flipkart Raises Rs 9,000 Crore in Walmart-Led Funding
The COVID-19 pandemic could also be taking a large toll each in humanitarian and financial phrases, however you wouldn’t know that by the huge overseas investments flowing into a few of the main firms in India. Following the slew of investments in Reliance Jio, the nation’s main e-commerce platform, Flipkart, has introduced that it’s receiving additional funding from a quantity current traders.

The homegrown e-commerce platform has reportedly obtained $1.2 billion (~Rs. 9,000 crore) in contemporary investments. The funding spherical was led by US retail large, Walmart, which already held a majority stake within the firm. The spherical, which additionally noticed participation from a bunch of current shareholders, values Flipkart at $24.9 billion (~Rs. 1.87 lakh crore). It shall be funded in two tranches over the present fiscal yr, the corporate mentioned in a press release.

“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. (We are also) providing increasingly seamless payment and delivery options for our customers”, mentioned Flipkart CEO Kalyan Krishnamurthy. “We will continue innovating to bring the next 200 million Indian shoppers online”, he added.

Flipkart additionally claimed that its month-to-month energetic clients elevated 45% YoY throughout the fiscal yr ended March, 2020. These clients are additionally making 30% extra transactions when in comparison with the earlier fiscal, it mentioned. The firm didn’t reveal the figures for the quarter ended June, 2020, however the pandemic-induced nationwide lockdown seemingly helped enhance these numbers even additional.

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