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      Home Featured

      Flipkart valued at $37.6 billion in new $3.6 billion fundraise

      Flipkart has secured $3.6 billion in a pre-IPO transaction, paving the way for the Indian e-commerce juggernaut to go public as early as next year.

      by Editorial Team
      July 13, 2021
      in Featured, Funding, News-Curated
      Reading Time: 3 mins read
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      Flipkart-valuation
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      Main Highlights

      • Flipkart announced that it has raised $3.6 billion at a post-money value of $37.6 billion.
      • The transaction signals SoftBank’s return to Flipkart as a stakeholder.
      • It is also giving its staff the chance to sell their stock options worth $80.5 million as part of the new fundraising.
      • It claims to have over 350 million registered users across its many businesses in India, including fashion e-commerce Myntra.

      Flipkart announced that it has raised $3.6 billion at a post-money value of $37.6 billion in what is largely thought to be the pre-IPO deal for the Indian e-commerce company as it prepares to list on the public markets as early as next year.

      GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2, and Walmart led the new round of funding, which included investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton, and Tiger Global.

      The transaction signals SoftBank’s return to Flipkart as a stakeholder. SoftBank, which exited the startup in 2018 when the Bangalore-based firm sold controlling interests to Walmart for $22 billion, has re-invested around $500 million in the latest round.

      Flipkart CEO, Kalyan Krishnamurthy’s statement 

      “At Flipkart, we’re dedicated to revolutionizing India’s consumer internet ecosystem and providing consumers with value and access. In a statement, Kalyan Krishnamurthy, Chief Executive Officer of Flipkart Group, said, “This investment by leading global investors underlines their conviction in Flipkart’s skills to maximize this potential for all stakeholders.”

      “We will focus on increasing growth for millions of small and medium Indian businesses, including kiranas, as we serve our customers. To improve consumer experiences and establish a world-class supply chain, we will continue to invest in new categories and harness made-in-India technology.”

      Flipkart’s other competitors

      Flipkart is also giving its staff the chance to sell their stock options worth $80.5 million as part of the new fundraise, Krishnamurthy told them on Monday. It had originally sought to raise money in the early part of this year, with a target of around $1 billion. In India, the Bangalore-based company competes head-to-head with Amazon. Over $6.5 billion has been invested in the South Asian market by the American e-commerce company.

      Both companies are struggling to develop quickly in India, where physical storefronts still account for the vast majority of retail sales. India’s new e-commerce legislation is also expected to have a significant impact on them.

      JioMart, a joint venture between Reliance Retail (India’s largest retailer) and Google and Facebook-backed Jio Platforms (India’s largest telecom operator), opened in over 200 cities and towns throughout the country last year.

      One of the world’s fastest-growing e-commerce marketplaces is at stake, and it’s only going to get bigger as more first-time internet users start shopping online. According to forecasts from Bain & Company, India’s e-commerce sector would grow to more than 300 million buyers by 2025. According to the business, these buyers would have spent more than $100 billion on online platforms.

      4hSzlLnEZGxy dwBYPjIbZqbz VumgCJLrRm14l 3LvWosw8ODp5fFvzVKGTWi9qqOA7XIHi8CepQjBebZWEE1 0ptVES20AUKCHfi6X77WB78HgxaLNtHfbY6ti6wYJGD RwhMz

      Flipkart and Amazon have made a number of wagers in recent years to increase their presence in India. Both have introduced Hindi language support (It has added several additional Indian languages as well) and partnered with local businesses.

      “We invested in 2018 and continue to invest now because Flipkart is a wonderful business whose growth and potential parallels that of India as a whole,” said Judith McKenna, President, and CEO of Walmart International, in a statement.

      It claims to have over 350 million registered users across its many businesses in India, including fashion e-commerce Myntra. “Ekart, Flipkart’s logistics and supply chain arm, employs over 100,000 people and delivers to over 90% of India’s targeted pin codes, which, combined with smart warehouse infrastructure investments, is one of the company’s core assets. It recently announced the introduction of Shopsy, a social commerce platform that will “encourage local entrepreneurship,” according to the company.

      mm

      Editorial Team

      We at Appedus are a group of digital nomads aggregating, writing, and publishing the best of the tech news in the mobile app ecosystem. Our constant endeavor is to get the most actionable news for you to use.

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      Mobile App Development | Design | Marketing Magazine: Appedus

      Appedus is a mobile app ecosystem focused news publishing platform which covers various topics like app design, app development, app marketing and other relevant news, views or opinions. We also publish industry insights, e-books, developer interviews and e-magazines. You can get in touch with us on hola@appedus.com or you can snail mail us at

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