India’s Flipkart Group recently announced raising $3.6 billion in funding as it continues to grow and advance the digital commerce ecosystem in India. The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers, in addition to Walmart, the company claimed in a statement.
The funding round was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, along with investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.India's Flipkart Group recently announced raising $3.6 billion in funding as it continues to grow and advance the digital commerce ecosystem in India. The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers, in addition to Walmart, according to a statement from the company. #
The investment values the group at $37.6 billion post-money.
With this development, Flipkart will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in India, according to group chief executive officer Kalyan Krishnamurthy, who said a key focus area for the group is to help informal commerce segments leverage the power of technology.
As one of the leaders in the fashion segment, this means working with the fashion industry and helping small businesses explore untapped opportunities that technology presents.
Through its expanding grocery and last-mile delivery programmes, the group will also work with kiranas (small grocery stores) to help them digitise and grow.
ALCHEMPro News Desk (DS)
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