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India online retail giant Flipkart raises $3.6bn © Getty Images The Walmart-backed company says it will use the money to expand its operations
Indian e-commerce giant Flipkart has raised another $3.6bn (£2.6bn) ahead of an expected stock market debut.
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The latest round of fund-raising increased the firm s value to $37.6bn.
The new valuation is more than double the amount the American retail chain paid for a majority stake in Flipkart three years ago.
Flipkart s chief executive Kalyan Krishnamurthy said the new funds would support the company s expansion plans: As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses.
Flipkart raises $3.6 billion fresh funds at $37.6 billion valuation
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Flipkart raises $3.6 billion fresh funds at $37.6 billion valuation
John Sarkar / TNN / Jul 13, 2021, 06:53 IST
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NEW DELHI: Walmart-owned Flipkart Group has raised $3.6 billion in a fresh funding round led by investors such as GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart ahead of its proposed initial public offering (IPO) later this year.
Each of the investors has invested $600-800 million in the round, said sources, valuing the homegrown e-commerce giant at $37.6 billion. When US retailer Walmart bought a 77% stake in Flipkart for $16 billion in 2018, the Bengaluru-headquartered company was valued at $21-22 billion. Flipkart is aiming for a valuation of around $50 billion for its IPO.