October 26, 2020

Flipkart: Walmart to infuse $1.2 billion in Flipkart Group; pegs latter’s valuation at $24.9 billion

US-based retail big Walmart has infused $1.2 billion in Flipkart‘s commerce enterprise valuing it at $24.9 billion, because the Indian on-line retail battle will get redrawn with Reliance Jio‘s plans to leverage its telecom attain to propel on-line commerce.

The capital from Walmart, which already owns round 80% within the Bengaluru-based on-line retailer, will take its shareholding up a proportion or so, stated folks within the know.

That is the most important such fund elevate for Flipkart because it was acquired two years in the past for $16 billion, valuing the etailer at $21 billion.

In a ready assertion, Flipkart stated, “The funding is led by Walmart, Flipkart Group’s majority proprietor, together with a bunch of present shareholders and values the corporate at $24.9 billion post-money. Will probably be funded in two tranches over the rest of the fiscal 12 months.”

The backing of Walmart comes at a time when Mukesh Ambani-led Jio Platforms has amassed $15 billion from myriad buyers together with Fb and personal fairness biggies like Silver Lake and KKR. Bloomberg reported on Tuesday that Google was in talks to plough round $four billion into Jio Platforms.