Flipkart Internet secures $111m in funding

Flipkart Internet, the marketplace arm of the Walmart-owned Ecommerce giant Flipkart has raised $111m from its related entities in Singapore. Flipkart has a number of businesses in India involved in logistics and Ecommerce.

Transaction snapshot

  • Deal value: $111 million
  • Investors: Related entities based in Singapore

The injection of funds comes at a time of heightened activity in the Indian Ecommerce market, as Amazon also ramps up investment into its Indian arms, including Amazon Seller Services and Amazon Pay.

Flipkart is also in discussions to raise as much as $1 billion, with Walmart purportedly committing to a $600 million stake in this round. This would mark Flipkart's largest fundraising round since 2021, where it raised $3.6 billion at a valuation of $37.6 billion.

Flipkart recently separated its payments system PhonePe from the group in December 2022 which adjusted its valuation to $33 billion. This new funding is expected to introduce a 5-10% premium above this valuation.

Along with Flipkart, Walmart has identified Mexico's Walmex and China, as critical drivers for its international sales growth. Walmart's Chief Financial Officer John David Rainey has projected that these regions will contribute to three-quarters of Walmart's international growth over the next several years. Supporting this outlook is Flipkart Internet's impressive 42% increase in operating revenue for fiscal year 2023, achieving revenues nearing $1.98 billion with a loss reduction of 9% to approximately $539 million.

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