Flipkart, one of the most popular e-commerce platforms in India, has just raised another $3.6 billion led by GIC.
The new funding round brings Filpkart's valuation to $37.6 billion.
- Flipkart's new funding round comes as the company gears up to go public later this year.
- Investors for the round include GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2, and Walmart.
- Walmart presently holds a majority stake in Flipkart, where the US giant bought a 77% stake back in 2018 for $16 billion.
Why It Matters
- Flipkart aims to utilize the new capital to further dominate their presence in the Indian market, expanding further into grocery, fashion, and last-mile deliveries.
- The emergence of the global pandemic and India's rapid smartphone penetration has propelled many new startups to cater on-demand services to the population — potentially creeping into Flipkart's market.
- Flipkart is aiming to go public via SPAC at a $50 billion valuation in the United States later this year.