Flipkart plans to raise $2 billion to $3 billion at $40 billion valuation
Flipkart is considering raising between $2 billion and $3 billion at a valuation of $40 billion in order to enable it to expand its product range in India. The Walmart-owned e-commerce giant could bring in strategic investors or sell to large pure-play investment businesses, ET Bureau reported.
Flipkart plans to raise a fresh round of funding to give the an edge with which to compete with its retail rivals, two anonymous sources close to the matter told Mint on October 25. The business also plans to expand its product offering in the country to reach more consumers and penetrate more sectors of the retail market.
“We do not comment on speculation,” a Walmart spokesperson told Reuters on October 25. According to Mint’s sources, Walmart still has to formally mandate investment bankers to search for strategic partners as well as large sized global investors in order to realise its latest fundraising plan.
Flipkart raised $3.6 billion in a funding round in 2021 and this gave the business a valuation of $37.6 billion. Walmart first acquired Flipkart in 2018 when it invested $16 billion in the business in return for a 77% stake. At the time of the acquisition, Walmart had stated that it would make Flipkart public in four years, which would mean in the near future, however, no date has yet been set.
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