Walmart is increasing its stake in Flipkart by investing an additional $1.2 billion in the Indian e-commerce giant. The fresh equity round from Walmart, which acquired majority stake in Flipkart two years ago, values Flipkart at $24.9 billion post-money, the two companies said.
The American retail group said the fresh capital would help Flipkart further grow its e-commerce marketplace in India as the world’s second largest internet market begins to recover from Covid-19 crisis.
“We’re grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times,” said Flipkart chief executive Kalyan Krishnamurthy in a statement.
“Since Walmart’s initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. 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. We will continue innovating to bring the next 200 million Indian shoppers online,” he added.