Flipkart Group raises $1.2 bn from Walmart-led investor group

July 14, 2020 17:42

E-commerce giant Flipkart Group on Tuesday said it has closed a USD 1.2 billion funding led by Walmart, its majority stake owner. In 2018, Walmart Inc invested USD 16 billion for acquiring 77 per cent stake in the group. The round, which also saw participation from a group of existing shareholders, valued Flipkart at USD 24.9 billion post-money, a statement said. It will be funded in two tranches over the remainder of the fiscal year, the statement added.

"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. -- PTI

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