{"id":6144,"date":"2020-07-14T17:58:18","date_gmt":"2020-07-14T17:58:18","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=6144"},"modified":"2020-07-14T17:58:18","modified_gmt":"2020-07-14T17:58:18","slug":"flipkart-raises-1-2-bn-in-walmart-led-funding","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=6144","title":{"rendered":"Flipkart raises $1.2 bn in Walmart-led funding"},"content":{"rendered":"

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Flipkart Group on Tuesday said it had raised $1.2 billion equity, led by its majority shareholder Walmart. <\/p>\n

In a statement, Flipkart said the fresh equity will \u201csupport continued development of its e-commerce marketplace\u201d as India emerges from the COVID-19 crisis.<\/p>\n

The fresh equity, which values Flipkart at $24.9 billion, comes amid potential competition from Reliance Industries\u2019 JioMart, while rival Amazon had earlier this year committed $1 billion investment to help digitise small and medium businesses.<\/p>\n

Two tranches<\/h2>\n

\u201cThe investment is led by Walmart, Flipkart Group\u2019s majority owner, along with a group of existing shareholders and values the company at $24.9 billion post-money. It will be funded in two tranches over the remainder of the fiscal year,\u201d Flipkart said.<\/p>\n

Walmart Inc. had acquired 77% stake in Flipkart in 2018 for $16 billion, valuing the firm at $20.8 billion.<\/p>\n

\u201cSince Walmart\u2019s initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services,\u201d Flipkart CEO Kalyan Krishnamurthy said. <\/p>\n

\u201cWe will continue innovating to bring the next 200 million Indian shoppers online,\u201d he added.<\/p>\n<\/div>\n

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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Flipkart Group on Tuesday said it had raised $1.2 billion equity, led by its majority shareholder Walmart. In a statement, Flipkart said the fresh equity will \u201csupport continued development of its e-commerce marketplace\u201d as India emerges from the COVID-19 crisis. The fresh equity, which values Flipkart at $24.9 billion, comes […]<\/p>\n","protected":false},"author":1,"featured_media":6145,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-6144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/07\/TH15BUFLIPKART.jpeg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/6144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6144"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/6144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/6145"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}