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Updated: July 14, 2020 8:11:46 pm
E-commerce large Flipkart Group on Tuesday mentioned it has closed a $1.2 billion funding led by Walmart, its majority stake proprietor.
In 2018, Walmart Inc invested $16 billion for buying 77 per cent stake within the group. The spherical, which additionally noticed participation from a bunch of present shareholders, valued Flipkart at $24.9 billion post-money, an announcement mentioned.
It might be funded in two tranches over the rest of the fiscal 12 months, the assertion added.
“Since Walmart’s preliminary funding in Flipkart, we’ve got vastly expanded our supply via expertise, partnerships and new providers.
“Today, we lead in electronics and fashion, and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers,” Flipkart CEO Kalyan Krishnamurthy mentioned.
The firm will proceed innovating to deliver the subsequent 200 million Indian consumers on-line, he added. Founded in 2007, the Flipkart Group consists of Flipkart, digital funds platform PhonePe, vogue specialty web site Myntra and eKart.
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