Flipkart raises $3.6bn in new funding round

Flipkart has raised $3.6 billion up in another financing round, its first capital infusion from external investors financial US retailing behemoth Walmart acquired it for $16 billion of every 2018.

The raising support is required to give the Sachin and Binny Bansal-established startup huge capability to expand online shopping and take on all capitalized rivals, for example, Amazon Inc, Reliance Industries and the Tata Group.

Canada Pension Plan Investment Board (CPP Investments), the Singapore government sovereign abundance reserve GIC, Japan’s SoftBank Vision Fund 2 and Flipkart’s biggest investor Walmart led the round, with support from existing backers like Qatar Investment Authority.

The organization will be valued at more than $37.6 billion post-money, up from $24.9 billion last year when it brought $1.2 billion up in an internal round led by Walmart. Three years prior, Flipkart was valued at $22 billion.

Sovereign assets like DisruptAD, Khazanah Nasional Bhd, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global likewise participated in fundraising, the e-tailer said in a statement on Monday.