Indian e-commerce retailer Flipkart Group has raised a new $1.2bn equity round led by its majority owner Walmart.

The investment values the company at $24.9bn post-money and will receive the funding in two tranches during the rest of the fiscal year.

The equity round also saw the participation of the existing shareholders. Flipkart will use the proceeds to strengthen its e-commerce marketplace.

Flipkart CEO Kalyan Krishnamurthy said: “We’re grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times.

“Since Walmart’s initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services.

“Today, we lead in electronics and fashion and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers.

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“We will continue innovating to bring the next 200 million Indian shoppers online.”

Headquartered in Bengaluru, Flipkart is one of the largest e-commerce retailers in India.

In 2018, Walmart acquired more than 70% stake in the company in a deal valued at $16bn.

Recently, Flipkart revealed that its monthly active customers and transactions per customer grew by 45% and 30% respectively for FY20.

Walmart International president and CEO Judith McKenna said: “Kalyan and team have a clear vision and are relentlessly focused on giving Indians frictionless choice in how they shop and sell online.

“We’re excited to see what the future holds as they continue their journey to become India’s most trusted eCommerce marketplace.”

Last month, India’s Department for Promotion of Industry and Internal Trade (DPIIT) reportedly rejected a food retail licence requested by Flipkart.