Walmart s Flipkart raises fresh funds for $38 billion valuation as IPO looms
Reuters | Jul 12, 2021 10:55 PM EDT
The logo of India s e-commerce firm Flipkart is seen in this illustration picture taken (Photo : REUTERS/Danish Siddiqui/Illustration)
Walmart Inc-owned Flipkart on Monday ushered back SoftBank Group Corp as an investor in a $3.6 billion funding round, doubling the Indian online retailer s valuation to $37.6 billion in less than three years and ahead of its expected market debut.
The U.S. retail giant bought a 77% stake in Flipkart for $16 billion in 2018 and since then has expanded to small towns and cities, added more items such as furniture and grocery to its online store and increased its warehouses in its race with Amazon.com s India unit.
Walmart s Flipkart Raises Funding at $37 6 Billion Valuation
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Walmart s Flipkart raises funding at US$37 6B Valuation
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