Flipkart raises $3.6 bn, valuation rises to $37.6 bn

New Delhi, July 12

Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) in funding led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion.

Funding Details

• Sources said Canada Pension Plan Investment Board infused about $750-800 million while SoftBank has pumped about $500 million
• Sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also invested

The company said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country.

In July last year, Flipkart had announced a $1.2 billion (about Rs 9,048 crore) fundraising led by its majority shareholder Walmart that had valued the Bengaluru-based company at $24.9 billion (about Rs 1.87 lakh crore).

“This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities. We will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas,” Flipkart Group CEO Kalyan Krishnamurthy said. — PTI