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The Silicon Review Asia

Ecommerce giant Flipkart has raised $3.6bn to fuel its expansion plans

Ecommerce giant Flipkart has raised $3.6bn to fuel its expansion plans

Flipkart, a popular name in the Indian ecommerce segment, has made an announcement that it has raised $3.6bn before making its debut at the stock market. It is well-known that Walmart backs the company, and the latest funding round is expected to be for the company’s expansion plans. The investment will be used for improving operations and expanding its fashion,  delivery, and grocery services. According to recent reports, the company’s valuation for funding stood at $37.6bn. The latest valuation of the company is almost two times the value of what it was three years ago.

Kalyan Krishnamurthy, CEO of Flipkart, stated that the latest funds would be used to support the expansion plans of the company, and they will serve the customers while focusing on increasing the growth for Indian SMBs. He furthermore added that investments would be made in new categories, and they will continue to support made-in-India techs to significantly transform the experiences of the customers and develop a supply chain that is world-class. The latest funding round was led by Sovereign wealth fund from Singapore, SoftBank from Japan, Walmart, and Canada Pension Plan Investment Board. In this deal, SoftBank made a comeback after selling its 20 percent stake in the 2018 deal.

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