New Delhi: The Flipkart group owned by Walmart has collected $ 3.6 billion in fresh funding rounds led by investors such as GIC, Canadian Pension Board (CPP Investment), Softbank Vision Fund 2 and Walmart Agged from the initial public offering (IPO) The proposed.
later this year.
Each investor has invested $ 600-800 million in the round, said the source, assessing the giant e-commerce homegrown at $ 37.6 billion.
When US retailers Walmart bought 77% of the shares in Flipkart for $ 16 billion in 2018, a company headquartered in Bengaluru was valued at $ 21-22 billion.
Flipkart aims to assess around $ 50 billion for the IPO.
“Most of the funds will be used in wholesalers and fashion playing as a supply chain will be strengthened,” said Senior Flipkart executive to Ti after the announcement, which catapulted the giant e-commerce into the top five consumer companies in India (non-financial) with value, Not including departments and financial services.
Flipkart will also buy back employee stock options worth around $ 80 million.
In an internal email to the employees, the TOI has been reviewed, the CEO of Flipkart Kalyan Krishnamurthy said, “Like many of you know, it is always our effort to provide opportunities for our employees to liquidate their choices regularly.
This year, we are proud to repurchase 5% of the last three years.
“While the latest round marks the return of Japan’s soft bank, which has sold all its shares in Flipkart to Walmart in 2018 at a price of $ 4 billion, also witnessed the participation of investors such as Disrupad, Qatar investment authorities, and investors Marquee, and Marquee Tencent, Capital Willoughby, between Capital, Franklin Templeton and Global Tiger.
“Re-investment of Softbank in Flipkart is driven by our experience with and confidence in the company’s management team to continue to overcome the needs of Indian consumers in decades to come,” said Lydia Jett, partners at Softbank Investment Advisors.
While the Covid-19 pandemic has accelerated the adoption of online shopping among Indian consumers, a strong focus of flipkart on online food ingredients has been formed by Biggies movements such as Jiomart Reliance Industries and Tata Group with the largest E-acquisition in the country.
Bigbasket Grocery Player.
With the Indian e-Grocery market it is expected to grow to $ 18 billion in 2024, according to data from the RedSeer consulting company, the Department of Swiggy food and Zomato also, arranged to bite large pieces of pie with their own vertical wholesalers.
“Investment by leading global investors reflects the promise of digital trade in India and their belief in the ability of flipkart to maximize this potential for all stakeholders.
When we serve our consumers, we will focus on accelerating growth for millions of small and medium businesses, including Kiranas, including Kiranas, including Kiranas, including Kiranas “Krishnamurthy said in his letter.
Flipkart has the biggest fashion mytrtra e-tailer in India and major ekart logistics.
The group is also a majority shareholder in Phoneeepe, one of the leading payment applications in India which was prepared as a separate unit in 2020 with an approsure of around $ 5 billion.
“Flipkart is a great business whose growth and potential reflects that India as a whole – that is why we invest in 2018 and why we continue to invest today,” said Judith McKenna, President & CEO at Walmart International.