India’s biggest online store
Flipkart raises $3.6 billion to grow digital commerce in India
Flipkart have raised $3.6 billion in funding as it continues to grow and advance the digital commerce ecosystem in India.
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. The investment values the Group at US $37.6 billion post-money.
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. With this development, Flipkart will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in India. As one of the leaders in the fashion segment, this means working with the fashion industry and helping small businesses explore untapped opportunities that technology presents. Through its expanding grocery and last-mile delivery programs, the Group will also work with kiranas to help them digitize and grow.
“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.”
– Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group