Walmart India Private Limited has received ₹275 crore, from its parent company through Walmart Investments Cooperatie U.A, Amsterdam, according to documents filed with the Registrar of Companies (RoC).
Walmart India is the Indian arm of the global retail giant Walmart, which owns and operates 23 Best Price Modern Wholesale stores in India.
The latest funding comes soon after it was reported that Walmart India is looking to invest ₹3,200 crore to add 47 new B2B cash and carry stores, taking the number to 70, from 23.
Last week, Walmart launched its 23rd B2B cash and carry store in Vishakapatnam, which is also expected to create around 2,000 direct and indirect jobs. Furthermore, Walmart India claimed that out of 23 stores, 19 stores have achieved break even with more than a million members.
The US-based retailer has been aggressively looking to expand its presence across India, since it acquired 77% stake in the Indian e-commerce Flipkart in a huge $16 billion deal.
Looking at Walmart’s expansion journey in India, earlier in August, it was reported that Walmart will be strengthening technology operations in India by hiring 1,000 professionals, to hold off competition from e-commerce rival Amazon.
Earlier in July, Walmart opened its second fulfilment centre in India, after it opened its first fulfilment centre in the country in Bhiwadi, in November 2017.