Walmart to Raise $3 Billion For Flipkart at a Valuation of $40 Billion

Flipkart is an e-commerce company that initially focused on online book sales. Then it expanded into other product categories such as fashion, groceries, consumer electronics, lifestyle products, and home essentials.

Among Flipkart’s investors are Canada Pension Plan Investment Board, GIC, SoftBank Vision Fund 2, and Walmart. Other participants include Qatar Investment Authority, Khazanah Nasional Bhd, DisruptAD, Tencent, Franklin Templeton, and Tiger Global. The new funds will help in competition with the company’s rivals.

Flipkart, Bengaluru, India, was founded by Binny Bansal, Sachin Bansal, and Santiraj Murmu in 2007. Its marketplace provides customers with more than 30 million products across over 70 categories. The number of registered users reaches 75 million with 10 million daily visits. In 2018, Walmart acquired a 77% stake in Flipkart. After that, the company expanded its geography throughout India, as well as added new product categories. Besides, Flipkart launched a resource and development center in Israel. “Walmart is keen to bring in strategic investors in Walmart-Flipkart so that Flipkart can get additional expertise as well as consistent funding support as and when required to stay ahead in the country’s e-commerce competition,” according to a source.

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