India's Flipkart Raises $3.6 Billion in latest Fundraising Round

   By P.R. Venkat 
 

India's e-commerce startup Flipkart is raising $3.6 billion in its latest funding round, attracting investors including Japan's Softbank Vision Fund and U.S. retail giant Walmart Inc.

The investment values the group, one of India's leading digital e-commerce entities operarting payments apps in India, at $37.6 billion, Filpkart said in a statement Monday.

Other investors in the latest round include Singapore GIC Pte. Ltd., Canada Pension Plan Investment Board and Qatar Investment Authority.

"This investment reflects global investor confidence in digital commerce in India, which has continued to accelerate over the last year," as safe and convenient access to products has taken priority, Flipkart said.

Last year, Walmart sold its Indian stores to the e-commerce company, after buying nearly 77% of Flipkart for $16 billion in 2018.

"Flipkart is a great business whose growth and potential mirrors that of India as a whole--that's why we invested in 2018 and why we continue to invest today," said Judith McKenna, President and CEO of Walmart said.

Write to P.R. Venkat at [e-mail]

(END) Dow Jones Newswires

July 12, 2021 03:24 ET (07:24 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.