Bengaluru: Flipkart Group 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.
“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,” it said.
“SoftBank’s re-investment in Flipkart is driven by our experience with and conviction in the company’s management team to continue addressing the needs of the Indian consumer in the decades to come,” said Lydia Jett, Partner, SoftBank Investment Advisers.
Retail segment of Zomato IPO fully subscribed
Mumbai: The much anticipated initial public offering (IPO) of online food delivery company Zomato opened at Rs 72-76 per share offer and was fully received by the retail investors.
The retail segment of the offering has been fully subscribed in just over an hour. So far, the IPO has been subscribed around 20 percent on the first day of bidding.
On Tuesday, the company said that it has raised Rs 4,196 crore from several prominent institutional investors as part of an anchor book allocation. It has allocated 55.2 crore equity shares, to anchor investors, at a price of Rs 76 per share.
Government of Singapore, BlackRock, Goldman Sachs, Abu Dhabi Investment Authority among others were the participants in the anchor book.
The issue comprises an offer for sale of Rs 375 crore by the Info Edge and a fresh issue worth Rs 9,000 crore.