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Walmart Raises Stake In Flipkart

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In a statement on Tuesday, Flipkart said that it has closed an additional $1.2 billion equity round wherein investment is led by Walmart, Flipkart Group's majority owner, along with a group of existing shareholders and values the company at $24.9 billion post-money.

 

Walmart Raises Stake In Flipkart

"Flipkart Group today closed an additional $1.2 billion equity round to support continued development of its eCommerce marketplace as India emerges from the Covid-19 crisis. The investment is led by Walmart, Flipkart Group's majority owner, along with a group of existing shareholders and values the company at $24.9 billion post-money," the company's statement said.

"It will be funded in two tranches over the remainder of the fiscal year," it added.

"We're grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times," Flipkart CEO Kalyan Krishnamurthy said.

The Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion speciality site Myntra and eKart. In 2018, US-based Walmart Inc. invested $16 billion for a majority stake in the group.

Read more about: flipkart walmart
Story first published: Tuesday, July 14, 2020, 17:44 [IST]
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