Flipkart, the Indian e-commerce startup backed by Walmart Inc., has jumped in worth to just about $38 billion, with a fundraising supported by Japan’s SoftBank Group Corp. and a few main sovereign buyers.
The deal cements Flipkart’s standing as one of many world’s most respected non-public know-how corporations, and is the newest signal of investor urge for food for tech offers in rising markets. In Could, for instance, Seize Holdings Inc. said it planned to go public within the U.S. in a deal valuing the Southeast Asian ride-hailing and supply group at practically $40 billion.
Flipkart mentioned Monday it had raised $3.6 billion in new funds from a bunch of buyers led by Singapore’s GIC Pte. Ltd., the Canada Pension Plan Funding Board, SoftBank’s Imaginative and prescient Fund 2, and Walmart. Together with the brand new cash, the deal values Flipkart at $37.6 billion, it mentioned.
“This funding displays world investor confidence in digital commerce in India, which has continued to speed up over the past 12 months” as protected and handy entry to merchandise has taken precedence, Flipkart mentioned in an announcement.
Just below a 12 months in the past, an earlier spherical of funding valued the corporate at $24.9 billion.
Walmart-Backed Indian Startup Flipkart Soars to $37.6 Billion Valuation Source link Walmart-Backed Indian Startup Flipkart Soars to $37.6 Billion Valuation