India's Flipkart Raises $3.6 Billion in latest Fundraising Round
July 12 2021 - 3:35AM
Dow Jones News
By P.R. Venkat
India's e-commerce startup Flipkart is raising $3.6 billion in
its latest funding round, attracting investors including Japan's
Softbank Vision Fund and U.S. retail giant Walmart Inc.
The investment values the group, one of India's leading digital
e-commerce entities operarting payments apps in India, at $37.6
billion, Filpkart said in a statement Monday.
Other investors in the latest round include Singapore GIC Pte.
Ltd., Canada Pension Plan Investment Board and Qatar Investment
Authority.
"This investment reflects global investor confidence in digital
commerce in India, which has continued to accelerate over the last
year," as safe and convenient access to products has taken
priority, Flipkart said.
Last year, Walmart sold its Indian stores to the e-commerce
company, after buying nearly 77% of Flipkart for $16 billion in
2018.
"Flipkart is a great business whose growth and potential mirrors
that of India as a whole--that's why we invested in 2018 and why we
continue to invest today," said Judith McKenna, President and CEO
of Walmart said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
July 12, 2021 03:24 ET (07:24 GMT)
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