Flipkart Group closed an additional $1.2 billion equity round to support continued development of its eCommerce
marketplace as India emerges from the Covid-19 crisis. The investment is led by Walmart, Flipkart Group’s 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.
for our customers. We will continue innovating to bring the next 200 million Indian shoppers online.”
Founded in 2007, the Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart, a logistics and delivery service focused on solving the last mile in India’s Tier II and Tier III cities. In 2018, Walmart Inc. invested $16 billion for a majority stake in the group.
Flipkart recently surpassed 1.5 billion visits per month and reported 45-percent growth in monthly active customers and 30-percent growth in transactions per customer for FY20. The company is democratizing commerce by providing sellers and MSMEs access to a national market and by investing in technology such as voice assistants and local language interfaces to help make shopping easier for non-English speaking customers. Today, Flipkart offers 150 million products across more than 80 categories, and has pioneered customer-centric services such as Cash-on-Delivery, No-Cost EMI and easy returns. PhonePe recently reported annualized total payments value (TPV) of $180 billion on more than 500 million monthly transactions.