Flipkart Secures Significant Internal Funding
Flipkart, the marketplace segment of Walmart-backed Flipkart Internet, has successfully obtained Rs 3,249 crore (around $382 million) in internal funding from its parent company located in Singapore. Earlier in April 2024, the firm had raised Rs 1,421 crore from the same parent entity.
The Flipkart board has issued 470,773 equity shares at an issue price of Rs 69,014.7 each through a rights issue to garner Rs 3,249 crore from Flipkart Marketplace Private Limited in Singapore, as indicated in its regulatory filing accessed from the Registrar of Companies (RoC).
In May of last year, Flipkart secured a funding round of $350 million from Google, achieving a valuation of $36 billion.
Data from various startup intelligence platforms show that Walmart holds the largest share in the e-commerce giant, with an 85% stake. This is followed by Tencent and other minority investors like CPP Investments, GIC, SoftBank, and Microsoft.
Beyond its core horizontal e-commerce offerings, Flipkart has ventured into the quick commerce sector with Minutes, which promises deliveries within 10-15 minutes, aiming to compete with companies like Blinkit, Zepto, and Instamart.
For the fiscal year ending 2024, Flipkart reported a 20% increase in operating revenue, reaching Rs 17,907 crore, while significantly lowering losses by over 41% to Rs 2,359 crore during the same timeframe.
