In a joint statement, Flipkart and Walmart said, “Walmart is increasing its majority-stake in Flipkart by leading a new $1.2 billion financing round in the Indian e-commerce giant. The fresh equity round led by Walmart, which acquired majority stake in Flipkart for $16 billion two years ago, values Flipkart at $24.9 billion post-money”.
According to Walmart, “the fresh capital would help Flipkart, which was valued at $20.8 billion two years ago, further grow its e-commerce marketplace in India as the world’s second-largest internet market begins to recover from Covid-19 crisis”.
A Flipkart spokesperson said, “A group of other existing investors also participated in the new financing round”.
In a statement, Flipkart chief executive Kalyan Krishnamurthy said, “We’re grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times”.
And added, “Since Walmart’s initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. Today, we lead in electronics and fashion, and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers. We will continue innovating to bring the next 200 million Indian shoppers online”.
Flipkart’s monthly active customers figure increased by 45% in the last fiscal year. The company recently crossed 1.5 billion visits per month mark.