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Walmart has reportedly raised up to $3 billion for Flipkart to support the Indian biz. expand

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Retail giant Walmart is reportedly raising up to $3 billion for its e-commerce giant Flipkart to further expand its operations in the country.



With new funds, Flipkart’s valuation will soar to over $40 billion, giving a boost to the Indian finance world going through a harsh winter.

Flipkart Group raised $3.6 billion in July last year to grow and advance India’s digital commerce ecosystem. The investment valued the group at $37.6 billion after the money back then.

According to media reports, Walmart can bring strategic investors to Flipkart through this fundraiser.

According to nearby sources, the move is to keep Flipkart ahead of the e-commerce race as online shopping is booming with every holiday season in the country.

Reached for comment, a Flipkart spokesperson told IANS that “we are not commenting on speculation”. Walmart declined to comment.

The latest fundraiser has shown significant interest from global investors, including sovereign wealth, private equity and crossovers in addition to Walmart. It was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, along with investments from sovereign wealth funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad and major investors Tencent, Willoughby Capital, Antara Capital, 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 ability to maximize this potential for all stakeholders,” said Kalyan Krishnamurthy, Chief Executive Officer of Flipkart Group, last July.

“The quality of the investor group and its valuation is further confirmation of the global confidence in Flipkart and its mission to transform commerce in India,” said Judith McKenna, President and CEO of Walmart International.

Bengaluru-based Redseer Strategy Consultants had forecast a gross trading value of $11.8 billion for the entire holiday month up to Diwali. Ecommerce marketplaces usually hold up to three sales leading up to the festival of lights.

India’s online retail platforms clocked $5.7 billion (approximately Rs 40,000 crore) in celebratory sales between September 22-30, a solid growth rate of 27 percent (year-over-year).

According to Redseer’s report, mobile phones continue to lead the market with a 41 percent contribution to gross commercial value (GMV) and nearly 56,000 mobile phones were sold every hour.

Flipkart Group (Flipkart, Myntra and Shopsy) continued to lead the market with 62 percent market share in GMV.

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