The Flipkart Group closed $3.6 billion of fresh capital, valuing the Indian online retailer at $37.6 billion.
WHO: Founded in 2007, Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, and PhonePe. The Group has launched Flipkart Wholesale, a new digital marketplace that will help transform India's retail ecosystem by leveraging cutting-edge and locally developed extensive leadership in the consumer e-commerce segment and technology for the country's mom-and-pop "kirana" grocery stores and other small retailers. These retailers will have one-stop access to an extensive selection of products with attractive schemes and incentives, supplemented with data-driven recommendations for stock selection, delivered through a fast and reliable network to drive greater efficiencies and better margins.
WHY: Flipkart said it will increase investments in technology, supply chain, and infrastructure as it focuses on categories such as fashion, travel, and groceries. The deal cements Flipkart as one of the most valuable private tech companies globally while also highlighting the ongoing appetite for online shopping in India.
IN THEIR OWN WORDS: "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," said Kalyan Krishnamurthy, Chief Executive Officer at Flipkart Group, in a statement.
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.
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