E-commerce giant Flipkart has raised nearly $1.2 billion in investments from Walmart-led investors.
New Delhi: E-commerce giant Flipkart has raised nearly $1.2 billion in investments from Walmart-led investors. Walmart invested $16 billion in 2018 to buy a 77 per cent stake in Flipkart.
Flipkart said that the group’s existing shareholders also participated in this phase of the new investment. Flipkart’s net worth has gone up to $24.9 billion after the investment. The statement said it will receive the financing in two phases over the remaining period of the financial year.
Also Read: Shashikant’s reveal-Vikas said, “Fry the policemen or else I will kill you.”
“Since Walmart’s initial investment in the company, we have expanded our offerings through technology, partnerships and new services,” said Kalyan Krishnamurthy, Chief Executive Officer (CEO) of Flipkart. Today, we are at the forefront of electronics and fashion and are also increasing our share in other general categories and groceries, etc.”
The company will continue to work on new technology to bring its 200 million buyers online. Flipkart was founded in 2007. The group’s companies include digital payment wallet app PhonePe, fashion sector site Myntra and Ecart in addition to Flipkart.
