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YB WEB DESK. Dated: 7/16/2020 11:53:28 AM

Flipkart Raises $1.2 Billion in Fresh Funding From Walmart, Existing Investors

Flipkart on Tuesday closed an additional $1.2 billion (roughly Rs. 9,048 crores) equity round led by its majority owner and US e-commerce giant Walmart. The fresh investment values the Bengaluru-based company at a whopping, $24.9 billion (roughly Rs. 1.87 lakh crores). Newly raised funds will be infused in two portions over the remainder of the fiscal year, the company said. The new funding comes over two years after Walmart acquired 77 percent controlling stake in Flipkart at $16 billion back in May 2018. Alongside Walmart, the latest equity round has the involvement of Flipkart's existing investors. The company, however, didn't reveal the names of those investors. The fresh funding will be used to bolster Flipkart's presence in India's e-commerce market that has Amazon as a strong contender and Reliance Jio as the next big entity. “Flipkart continues to leverage its culture of innovation to accelerate growth and enable millions of customers.