Flipkart raises $3.6 bn, valuation at $37.6 bn

Flipkart Group on Monday announced that it has raised $3.6 billion in funding as it continues to grow and advance the digital commerce ecosystem in India. The investment values the group at $37.6 billion post-money.

The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers in addition to Walmart, said a company statement.

This round of funding was led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, along with investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global

Speaking on the development, 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."

"As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain."

The company statement said that this investment reflects global investor confidence in digital commerce in India, which has continued to accelerate over the last year when access to products safely and convenience took priority.