Online retailer Flipkart on Monday announced that it has raised $3.6 billion in funding from global investors, including sovereign funds, private equity and crossovers in addition to Walmart.
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 Flipkart Group at $37.6 billion post-money, the company said in a release.
Earlier, CNBC-TV18 had reported that Japanese investor SoftBank was set to return to Flipkart, three years after it exited the Indian e-commerce company after American retailer Walmart bought out the latter.
Flipkart was valued last year at $24.9 billion following a $1.2 billion funding from Walmart.
JP Morgan Securities (Asia Pacific) Limited and Goldman Sachs & Co. LLC served as placement agents to Flipkart in connection with the latest transaction, Hogan Lovells and Shardul Amarchand Mangaldas & Co served as legal counsel.
Flipkart had late last year overhauled the company board ahead of its plans to go public, seeing high-profile entries and exits. CEO Kalyan Krishnamurthy took a board seat starting 2021, while HDFC CEO Keki Mistry also joined the board. Among the exits from Flipakrt’s high-profile board are Steuart Walton, of the Walton family, which is Walmart’s founding family.
First Published: IST