(Juhi Aishwary, Journalist): Other companies, including US giant retail giant Walmart, will invest $ 1.2 billion (Rs 9,045 crore) in India’s leading e-commerce company Flipkart. This will help the company to compete with Amazon and Mukesh Ambani’s JioMart. The statement issued by Walmart and Flipkart said that Flipkart’s valuation has come to $ 24.9 billion after this latest investment. Two years ago, the company was valued at $ 20.8 billion. Walmart acquired a majority stake in the company two years ago for $ 16 billion.
The statement said that this fresh investment has been made under the leadership of Walmart. The company has also invested in a group of existing shareholders. Flipkart has said that the fresh capital will help Flipkart further expand its e-commerce marketplace in India.
Kalyan Krishnamurthy, CEO of Flipkart, said of the latest investment, “After Walmart’s initial investment in Flipkart, the company has greatly expanded its offer through technology, partnerships, and new services.”
Krishnamurthy said, “We are ahead of everyone in the electronics and fashion sector today and are increasing our share in other categories and grocery, etc.”
Apart from Flipkart, the group companies include digital payment platform Phonepe, fashion sector website Myntra and logistics company Ekart.
It is noteworthy that Walmart acquired a 77 percent stake in Flipkart through an investment of $ 16 billion. Other companies investing in Flipkart include companies such as Tiger Global, Aces, Tencent, and Microsoft.
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