United States (US)-based Walmart backed e-commerce giant Flipkart has raised $3.6 billion in a new round of funding which has seen its valuations surge to over $37.6 billion, reports The Economic Times.
The latest fundraising was led by Canada Pension Plan Investment Board (CPP Investments), the Singapore government’s sovereign wealth fund GIC, SoftBank Vision Fund 2 and Walmart, and participation from existing backers like Qatar Investment Authority.
Other than these, sovereign funds like DisruptAD, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global have also participated in this round of funding.
This fundraise marks the first instance when Flipkart has raised funds from external investors since Walmart had acquired the company for $16 billion in 2018. Later Walmart had further infused $1.2 billion into the business.
The Bengaluru-based company will be using the fresh funds to fuel the expansion of operations and gain market share. It will also give it the arsenal to expand online shopping in India and take on rivals like Amazon India, Reliance Industries (RIL) and the Tata Group.
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.