E-Commerce company Flipkart India’s Singapore-based parent has infused Rs 2,190.64 crore, reports the Financial Express, citing the filings made with the Registrar of Companies.
Founder of FabMart, K Vaitheeswaran, as reported by Hindu Business Line, said, "This is just the first of many such tranches that Walmart will infuse into Flipkart to run operations more efficiently as much of the $16 billion that it paid up for acquiring majority stake in Flipkart would have gone into buying up stakes of other stakeholders".
According to the documents from paper.vc, a data intelligence platform, at the premium of Rs 29,399 per share, Flipkart India was allotted 7.45 lakh equity shares on 4 December 2018.
Further, the regulatory filings revealed that the investment in Flipkart India’s wholesale arm came just after their e-commerce rival Amazon India received Rs 2,200-crore new funds boost from Singapore’s Amazon Corporate Holdings and Mauritius’ Amazon.com.inc.
Flipkart, which is backed by Walmart and Amazon, have been locked in an intense rivalry to outperform each other in the proliferating e-commerce market of India. The growing e-commerce market in India needs to be thankful for cheap data tariffs and the rise of internet consumption.
According to estimates by India Brand Equity Foundation (IBEF), India’s e-commerce market is on its way to touching 200 billion dollars by 2026 from 38.5 billion dollars in 2017.
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