Walmart Inc. had obtained 77% stake in Flipkart in 2018 for $16 billion.
Unique fairness values agency at $24.9 bn
Flipkart Neighborhood on Tuesday mentioned it had raised $1.2 billion fairness, led by its majority shareholder Walmart.
In a assertion, Flipkart mentioned the unusual fairness will “strengthen continued pattern of its e-commerce marketplace” as India emerges from the COVID-19 crisis.
The unusual fairness, which values Flipkart at $24.9 billion, comes amid attainable opponents from Reliance Industries’ JioMart, while rival Amazon had earlier this year committed $1 billion funding to succor digitise small and medium agencies.
“The funding is led by Walmart, Flipkart Neighborhood’s majority proprietor, along with a community of existing shareholders and values the corporate at $24.9 billion post-money. It must be funded in two tranches over the relaxation of the fiscal year,” Flipkart mentioned.
Walmart Inc. had obtained 77% stake in Flipkart in 2018 for $16 billion, valuing the agency at $20.8 billion.
“Since Walmart’s preliminary funding in Flipkart, we possess drastically expanded our supply via technology, partnerships and unique products and companies,” Flipkart CEO Kalyan Krishnamurthy mentioned.
“We can proceed innovating to notify the next 200 million Indian purchasers on-line,” he added.