Flipkart raises $3.6 bn to expand e-shopping in India to take on rivals
14th July 2021, Mumbai:
Ecommerce major Flipkart has raised $3.6 billion to expand online shopping in India and take on rivals like Amazon, Reliance Industries (RIL) and the Tata Group.
Flipkart’s latest funding, was led by Canada’s CPPIB, SoftBank Vision Fund along with participation from existing backers like Singapore government’s sovereign wealth fund GIC, Qatar Investment Authority and Walmart, post which the company is has now been valued at over $37.6 billion.
This is the first time Flipkart is raising capital from external investors and SoftBank is making a comeback in its cap table after having sold its stake to Walmart in 2018.
SoftBank had invested $2.5 billion in Flipkart and sold its stake to the US retailer for $4 billion.
The fresh capital will be used to expand operations and gain market share at a time the Indian online retail market is seeing rapid adoption aided by the pandemic.
Flipkart will look to deploy investments in grocery, fashion and consumables along with deploying funds to enhance its supply chain and logistics network.
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