India’s e-commerce giant Flipkart raises $3.6 billion in fresh funds

  • Date: 12-Jul-2021
  • Source: CNBC
  • Sector:Retail
  • Country:Qatar
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India’s e-commerce giant Flipkart raises $3.6 billion in fresh funds

India's e-commerce giant Flipkart said Monday it raised $3.6 billion in fresh funds from a number of global investors including sovereign funds, private equity and crossovers as well as from its parent company, . The new round of funding was led by Singapore sovereign wealth fund GIC, the Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart. It also included investments from sovereign funds like Qatar Investment Authority, Malaysia's Khazanah Nasional Berhad and DisruptAD, the venture arm of the Abu Dhabi sovereign fund, ADQ. Other backers included China's , Franklin Templeton and Tiger Global. "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," Kalyan Krishnamurthy, CEO at Flipkart, said in a statement. He said the company will focus on helping millions of small- and medium-sized Indian businesses to grow, including small family-owned grocery shops known as "kiranas," and plans to continue investing in new categories and home-grown technologies. SoftBank's return to Walmart in 2018 and its return comes at a time when reports suggest the Indian firm is exploring . Flipkart now has a post-money valuation of $37.6 billion, according