Flipkart has raised $1.2 Bn funding round led by its majority stakeholder Walmart along with other existing shareholders. This is one of the many fund infusions received by Flipkart since the nationwide lockdown was announced in India.
The round is said to have valued Flipkart at $24.9 Bn. The fresh funds will used to support Flipkart's recovery from the Covid-19 crisis, according to a company statement.
Commenting on the investment, Flipkart CEO Kalyan Krishnamurthy said, "Since Walmart's initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. We will continue innovating to bring the next 200 Mn Indian shoppers online.”
Founded in 2007, the Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion retailer Myntra, and a logistics and delivery service eKart. In 2018, Walmart Inc. invested $16 Bn to acquire a majority stake in the company.
Flipkart claims to have crossed 1.5 Bn visits per month and reported 45% growth in monthly active users and 30% growth in transactions per customer for FY20. Further, its digital payment subsidiary PhonePe reported annualised total payments value (TPV) of $180 Bn on over 500 Mn monthly transactions.