Indian e-commerce retailer Flipkart has raised $3.6bn in funding to accelerate its domestic digital growth.
The funding was led by the company’s largest shareholder, Walmart, as well as GIC, Canada Pension Plan Investment Board (CPP Investments), the SoftBank Vision Fund II.
Qatar Investment Authority, DisruptAD, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also contributed funding.
The investment values the company at $37.6bn post-money.
Flipkart CEO Kalyan Krishnamurthy said: “At Flipkart, we are committed to transforming the consumer internet ecosystem in India and providing consumers access and value.
“This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders.
“As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas.
“We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain.”
Walmart International president and CEO Judith McKenna said: “Flipkart is a great business whose growth and potential mirrors that of India as a whole. That’s why we invested in 2018 and why we continue to invest today.
“Kalyan [Krishnamurthy] and the team have put the Indian customer at the centre of everything and they have continued to innovate in the categories and services Indian customers want most, creating jobs and growth opportunities for Indian entrepreneurs and small businesses alongside them.
“The quality of the investor group and valuation announced today is further confirmation of global confidence in Flipkart and its mission to transform commerce in India.”
Flipkart has more than 350 million registered users and more than 300,000 registered sellers from across India.
With the latest investment, Walmart is expected to hold a stake of around 74-75% in the company.
Last September, Walmart invested $560m in Flipkart as part of a $1.2bn funding round announced last July.