Flipkart Group raises $1.2 bn from Walmart-led investor group; valued at $24.9 bn

New Delhi: E-commerce large Flipkart Group on Tuesday mentioned it has closed a USD 1.2 billion funding led by Walmart, its majority stake proprietor.

In 2018, Walmart Inc invested USD 16 billion for buying 77 per cent stake within the group.

The spherical, which additionally noticed participation from a bunch of present shareholders, valued Flipkart at USD 24.9 billion post-money, an announcement mentioned.

It will likely be funded in two tranches over the rest of the fiscal 12 months, the assertion added.

“Since Walmart’s preliminary funding in Flipkart, now we have drastically expanded our provide by know-how, partnerships and new providers.

“Today, we lead in electronics and fashion, and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers,” Flipkart CEO Kalyan Krishnamurthy mentioned.

The firm will proceed innovating to convey the subsequent 200 million Indian buyers on-line, he added.

Founded in 2007, the Flipkart Group contains Flipkart, digital funds platform PhonePe, vogue specialty web site Myntra and eKart.