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India's Flipkart Raises $3.6 Billion in latest Fundraising Round

   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 2 and U.S. retail giant Walmart Inc.

The investment values the group, one of India's leading digital e-commerce entities operating payments apps in India, at $37.6 billion, Flipkart 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 International said.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

Corrections & Amplifications


This article was corrected at 0732 GMT to reflect the proper name of Flipkart in the second paragraph. The original article misspelled the company name in the second paragraph.

  

Corrections & Amplifications

This article was corrected at 0923 GMT because the original incorrectly identified the company and the fund by omitting words at the ends of the names. Ms. McKenna holds those positions at Walmart International rather than Walmart, and the fund is Vision Fund 2, not simply Vision Fund. Judith McKenna is president and CEO of Walmart International and Softbank's Vision Fund 2 is one of the investors in Flipkart's latest fundraising round.

(END) Dow Jones Newswires

July 12, 2021 03:24 ET (07:24 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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