Tag: flipcart

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. Read more

The Competition Commission of India (CCI) in January ordered a probe into alleged violations of competition law and certain discounting practices by the two e-commerce giants, but a state court put the investigation on hold last week following a challenge by Amazon. Flipkart has filed the case in a court in Bangalore aggrieved by the CCI's probe order. In the case Flipkart argues that CCI ordered its probe without initial evidence that the company's practices were harming competition. The filing comes days ahead of U.S. President Donald Trump's visit to India, and amid U.S. concerns about India's tightening of foreign investment rules for the ecommerce sector.