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Published
Oct 7, 2022
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Walmart filings show Flipkart spent $1.1 billion from February to July this year

Published
Oct 7, 2022

Flipkart spent $1.1 billion from February 1 to July 31 this year, according to its US-based parent company Walmart. The e-commerce giant spent the funds on things including mergers and acquisitions, capital expenditure, and working capital requirements among others. 

Flipkart runs numerous platforms including Myntra and Shopsy - Flipkart


Flipkart spent the funds across its own business, its fashion arm Myntra, and its phone business PhonePe, Walmart announced in a filing on the US Securities and Exchange Commission, ET Tech reported. Following what the business saw as a slower start to the financial year due to factors such as inflation, recent high festive sales suggest a strong performance in the third quarter of the 2023 financial year. 
 
In its report for the second quarter of the 2023 financial year, Walmart stated that, of the $3.5 billion in cash the business has available globally that could not be freely transferred to the US as of July 31, 2022, “approximately $1.1 billion can only be accessed through dividends or inter-company financing arrangements subject to approval of the Flipkart minority shareholders; however, this cash is expected to be utilised by Flipkart,” ET Bureau reported. 

The amount of money essentially in Flipkart’s pot stood at $2.2 billion in January 31, 2022, according to Walmart’s March financial filing. Flipkart has made a number of investments and acquisitions so far this fiscal year and incurred marketing costs for its platforms including Myntra and social commerce platform Shopsy. 

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