Flipkart Group said on Monday that it has raised $ 3.6 billion (about Rs 26,805.6 crore). The company said that it has raised this amount in funding led by Singapore’s sovereign wealth fund GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart. With this, the valuation of this e-commerce giant has now reached $ 37.6 billion i.e. about 2 lakh 79 thousand crore rupees. In July last year, when Walmart raised $ 1.2 billion, the valuation was $ 24.9 billion, or about 1 lakh 87 thousand crores.
SoftBank invests nearly $500 million
In the Indian e-commerce market, the company competes with Amazon, JioMart of Reliance Industries and others. The company said it will continue to make significant investments in people, technology, supply chain and infrastructure to meet the needs of the rapidly growing customer base in the country. While details of investments made by these entities have not been disclosed, sources said Canada Pension Plan Investment Board (CPP Investments) has put in around $750-800 million, while SoftBank has invested around $500 million. .
Flipkart said in a statement that sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad along with other investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in the current funding round. It further states that after the funding round, the valuation of the Flipkart Group has increased to $ 37.6 billion (about Rs 2.79 lakh crore).
Zomato IPO: Submit Application Before Subscription Opens! PayTM Money launches new feature for Zomato
Flipkart announced in July last year that it had announced to raise $1.2 billion (about Rs 9,048 crore) in funding led by its major shareholder Walmart. With this, the valuation of the Bengaluru-based company had reached $24.9 billion (about Rs 1.87 lakh crore). Flipkart Group Chief Executive Officer Kalyan Krishnamurthy said that this investment by large global investors shows the better position of digital commerce in India.