Flipkart has more than 350 million registered users throughout the countryFlipkart Group, the consumer internet giant, has raised US $3.6 billion to expand its digital commerce environment in India.
The fundraise demonstrated considerable interest from international investors, consisting of sovereign funds, private equity and crossovers in addition to Walmart, Flipkart stated in a news release.
The financial investment values the Flipkart Group at US $37.6 billion.The financing was led by monetary investors consisting of GIC, Canada Pension Investment Board (CPP Investments), SoftBank Vision Fund and Walmart and sovereign funds DisruptAD, Qatar Investment Authority and Khazanah Nasional Berhad, and marquee financiers such as Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.Kalyan Krishnamurthy, President, Flipkart Group, stated, At Flipkart, we are committed to changing the consumer internet community in India and supplying customers gain access to and worth.
This financial investment by leading worldwide financiers reflects the promise of digital commerce in India and their belief in Flipkart's abilities to increase this potential for all stakeholders.
Flipkart has more than 350 million signed up users throughout the country and its essential categories include fashion, travel and grocery.
Myntra, Flipkart's Group's style entity, is amongst the leaders in the style category.
Flipkart's logistics and supply chain arm, Ekart, utilizes more than 100,000 people and provides products to more than 90 percent of the pin-codes in India.Flipkart is also a bulk shareholder in PhonePe, among the leading Payments Apps in India that has more than 300 million users and helps with over 1 billion deals monthly.
And recently, Flipkart ventured into the social commerce space by introducing Shopsy to motivate regional entrepreneurship.