A Walmart-led investor group on Tuesday pumped in an additional $1.2 billion into the ecommerce platform Flipkart Team to help its market in the wake of the ongoing Covid-19 pandemic.
With the new investment decision, Flipkart group is now valued at $24.9 billion. The $1.2 billion will be funded in two tranches in excess of the remainder of the fiscal year.
“We are grateful for the robust backing of our shareholders as we proceed to construct our platform and provide the increasing needs of Indian consumers all through these hard times,” Flipkart CEO Kalyan Krishnamurthy stated in a statement.
Established in 2007, the Flipkart Group features Flipkart, digital payments platform PhonePe, manner specialty site Myntra and eKart.
In 2018, Walmart invested $16 billion for a vast majority stake in the group.
“Considering the fact that Walmart’s preliminary expense in Flipkart, we have enormously expanded our present via engineering, partnerships and new services. We will carry on innovating to provide the future 200 million Indian buyers on the net,” Krishnamurthy claimed in a statement.
With a registered shopper base of above 200 million, Flipkart recently surpassed 1.5 billion visits for every thirty day period and reported 45 for each cent expansion in every month lively shoppers and 30 for each cent expansion in transactions for every shopper for FY20.
Flipkart provides 150 million merchandise throughout far more than 80 types, and has pioneered shopper-centric services these kinds of as funds-on-delivery, no-price EMI and effortless returns.
PhonePe not too long ago documented annualised whole payments value (TPV) of $180 billion on much more than 500 million month to month transactions.
“Flipkart carries on to leverage its tradition of innovation to accelerate development and help millions of consumers, sellers, merchants and compact companies to prosper and be a aspect of India’s electronic transformation,” claimed Judith McKenna, President and CEO of Walmart Worldwide.
The Flipkart Group final week invested Rs 260 crore to acquire a important minority stake in Arvind Youth Brand names, a subsidiary of Arvind Fashions Ltd (AFL).
Arvind Youth Makes owns the well-liked Flying Equipment denim brand name that has been retailing on Flipkart and Myntra for far more than six years.
With this financial commitment, the Flipkart Team and Arvind Fashions will get the job done collaboratively to recognize possibilities and synergies to innovate and produce goods with sturdy worth propositions at eye-catching cost points, the ecommerce system reported in a statement.
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