Flipkart Group, the consumer internet giant, has raised US $3.6 billion to expand its digital commerce ecosystem in India. "The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers in addition to Walmart," Flipkart said in a press release. The investment values the Flipkart Group at US $37.6 billion.
The funding was led by financial investors including GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund and Walmart and sovereign funds DisruptAD, Qatar Investment Authority and Khazanah Nasional Berhad, and marquee investors such as Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, "At Flipkart, we are committed to transforming the consumer internet ecosystem in India and providing consumers access and value. This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart's capabilities to maximise this potential for all stakeholders."
Flipkart has more than 350 million registered users across the country and its key categories include fashion, travel and grocery. Myntra, Flipkart's Group's fashion entity, is among the leaders in the fashion category. Flipkart's logistics and supply chain arm, Ekart, employs more than 100,000 people and delivers goods to more than 90 per cent of the pin-codes in India.
Flipkart is also a majority shareholder in PhonePe, one of the leading Payments Apps in India that has more than 300 million users and facilitates over 1 billion transactions per month.
And recently, Flipkart ventured into the social commerce space by launching Shopsy to encourage local entrepreneurship.