Walmart is increasing its stake in Flipkart by investing an additional $ 1.2 billion in the Indian e-commerce giant. Walmart's new equity round, which acquired the majority of Flipkart for $ 16 billion two years ago, enhances Flipkart at $ 24.9 billion in post-money, the two companies said.
The American retail group said the new capital would help Flipkart further grow its e-commerce market in India as the world's second largest Internet market begins to recover from the Covid-19 crisis.
"We are grateful for the strong support of our shareholders as we continue to build our platform and meet the growing needs of Indian consumers in these difficult times," said Kalyan Krishnamurthy, Flipkart CEO.
"Since Walmart's initial investment in Flipkart, we have significantly expanded our offering through technology, partnerships and new services. Today we are a leader in electronics and fashion and we are rapidly accelerating participation in other categories of goods and foodstuffs, while providing increasingly fluid payment and delivery options for our customers. We will continue to innovate to bring the next 200 million Indian shoppers online, "he added.
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