Posted by Bengaluru: The Flipkart Group has raised $3.6 billion in funding from global investors, including sovereign funds, private equity and crossovers in addition to Walmart. With this fresh funding round, the valuation of the Flipkart Group touched $37.6 billion.
Financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2* and Walmart led this funding round.
Along with them, sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global participated in the funding round.
“At Flipkart, we are committed to transforming the consumer internet ecosystem in India and providing consumers access and value. This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders,” said Kalyan Krishnamurthy, CEO – Flipkart Group.
“As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain,” added Krishnamurthy.
The Walmart owned Flipkart Group said it will continue to make deeper investments across people, technology, supply chain and infrastructure to meet a rapidly growing consumer base in India.
The group aims to help informal commerce segments leverage the power of technology and helping small businesses explore untapped opportunities that technology presents. Through its expanding grocery and last-mile delivery programs, the group will also work with kiranas to help them digitize and grow.
“One of the key investment themes for CPP Investments has been Asia’s domestic consumption. We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class and deepening Internet penetration,” said Agus Tandiono, Managing Director, Head of Fundamental Equities Asia, CPP Investments.
“SoftBank’s re-investment in Flipkart is driven by our experience with and conviction in the company’s management team to continue addressing the needs of the Indian consumer in the decades to come,” said Lydia Jett, Partner, SoftBank Investment Advisers.
“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 – Walmart International.