Flipkart, the Amazon of India, just raised another $3.6 billion; now worth $37.6 billion.

Flipkart is mainly owned by US's Walmart.

Flipkart, the Amazon of India, just raised another $3.6 billion; now worth $37.6 billion. | BEAMSTART News

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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.

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Key Highlights

  • 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.

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