India’s e-commerce giant Flipkart has raised $3.6 billion at a post-money valuation of $37.6 billion.
The funding round of the company was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2* and Walmart, as well as sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
Founded in 2007 by Sachin Bansal and Binny Bansal, Flipkart is currently one of the most popular e-commerce platforms in India, competing with Amazon.
American multinational retail corporation Walmart bought 77% stake in Flipkart in 2018. Since then, the Bengaluru-based firm has expanded its product range which are now available in more cities and small towns.
“At Flipkart, we are committed to transforming the consumer internet ecosystem in India and providing consumers access and value.’’ said Kalyan Krishnamurthy, Chief Executive Officer at Flipkart Group. 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.”
In 2018, Walmart had bought 20% stakes from Softbank which took its exit after the deal. The latest funding round marks the return of the Japanese multinational conglomerate holding company.
“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,” said Lydia Jett, partner at SoftBank Investment Advisers.