Flipcart is valued now at $37.6 after raising $3.6 bn in funding
Published On: Monday, July 12, 2021 | By: Team KnowMyStock
E-commerce company Flipkart Group said it has raised $3.6 billion in funding in a round led by international groups that included Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2, and Tiger Global. The investment values Flipkart at $37.6 billion post-money. The round also saw participation from other sovereign funds including DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Willoughby Capital, Antara Capital, Franklin Templeton, Tencent, and Tiger Global. The investment values the Group at USD 37.6 billion (about Rs 2.79 lakh crore) post-money, Flipkart said in a statement. The company, which competes with Amazon, Reliance Industries’ JioMart, and others in the burgeoning Indian e-commerce market, said it will continue to make deeper investments across people, technology, supply chain, and infrastructure to address the requirements of a rapidly growing consumer base in the country.
“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 maximize this potential for all stakeholders,” said Kalyan Krishnamurthy, Chief Executive Officer at Flipkart Group, in a statement.Flipkart will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain, he added.
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