Flipkart Raises $3.6 Billion to expand its digital commerce ecosystem in India

Published:Nov 29, 202304:00

Flipkart Raises $3.6 Billion, Now Valued At $37.6 Billion

Flipkart has greater than 350 million registered customers throughout the nation

Flipkart Group, the shopper web big, has raised US $3.6 billion to expand its digital commerce ecosystem in India. "The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers in addition to Walmart," Flipkart mentioned in a press launch. The funding values the Flipkart Group at US $37.6 billion.

The funding was led by monetary buyers together with GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund and Walmart and sovereign funds DisruptAD, Qatar Investment Authority and Khazanah Nasional Berhad, and marquee buyers equivalent to Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.

Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, mentioned, "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."

Flipkart has greater than 350 million registered customers throughout the nation and its key classes embody style, journey and grocery. Myntra, Flipkart's Group's style entity, is among the many leaders in the style class. Flipkart's logistics and provide chain arm, Ekart, employs greater than 100,000 individuals and delivers items to greater than 90 per cent of the pin-codes in India.

Flipkart can be a majority shareholder in PhonePe, one of many main Payments Apps in India that has greater than 300 million customers and facilitates over 1 billion transactions per 30 days. 

And not too long ago, Flipkart ventured into the social commerce house by launching Shopsy to encourage native entrepreneurship.

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