Published: July 14, 2020 5:54:56 pm
E-commerce giant Flipkart Group on Tuesday said it has closed a $1.2 billion funding led by Walmart, its majority stake owner.
In 2018, Walmart Inc invested $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 $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.
The company will continue innovating to bring the next 200 million Indian shoppers online, he added. Founded in 2007, the Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart.
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