With the new funding, Flipkart aims to grow and advance the digital commerce ecosystem in India
Flipkart Group, an Indian e-commerce firm owned by Walmart, has secured $3.6bn in financing from global investors, sovereign funds, private equity, in addition to Walmart.
The latest investment values the group, which includes Flipkart, Cleartrip, EKart, Myntra and PhonePe, at $37.6bn.
With the new funding, Flipkart aims to grow and advance the digital commerce ecosystem in India.
The latest funding round was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart.
It also saw participation from sovereign funds DisruptAD, Khazanah Nasional Berhad, Qatar Investment Authority and investors Tencent, Antara Capital, Willoughby Capital, Franklin Templeton and Tiger Global.
Commenting on the latest funding, Flipkart Group CEO Kalyan Krishnamurthy said: “At Flipkart, we are committed to transforming the consumer internet ecosystem in India and providing consumers access and value.
“This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders.
“As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas.
“We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain.”
Flipkart said that it will continue to invest across people, technology, supply chain and infrastructure to meet the requirements of a consumer base in India.
The group, through its expanding grocery and last-mile delivery programmes, will collaborate with kiranas to help them digitise and grow.
SoftBank had earlier divested its Flipkart stake to Walmart in 2018.
SoftBank Investment Advisers partner Lydia Jett said: “SoftBank’s re-investment in Flipkart is driven by our experience with and conviction in the company’s management team to continue addressing the needs of the Indian consumer in the decades to come.”
Walmart International president and CEO Judith McKenna said: “Kalyan and the team have put the Indian customer at the centre of everything and they have continued to innovate in the categories and services Indian customers want most, creating new jobs and growth opportunities for Indian entrepreneurs and small businesses alongside them.
“The quality of the investor group and valuation announced today is further confirmation of global confidence in Flipkart and its mission to transform commerce in India.”