Flipkart Internet Secures $262 Million in Funding

Flipkart Internet, the marketplace division of Walmart, has successfully secured $262 million (Rs 2,225 crore) in internal funding from its parent company situated in Singapore.

Funding Overview

This recent financial infusion follows closely on the heels of Flipkart Internet’s earlier funding of $382 million received from the same Singapore-based entity nearly two months prior. The company’s board has approved the allocation of equity shares valued at Rs 2,225 crore to Flipkart Marketplace Private Limited (Singapore), as evidenced by multiple filings with the Registrar of Companies (RoC).

Myntra’s Financial Support

During this period, Flipkart’s fashion platform, Myntra India, also acquired $125 million from FK Myntra Holdings, a subsidiary of their Singapore-based parent.

Plans for an IPO

According to media sources, the firm is gearing up to launch its IPO with a projected valuation ranging between $60 billion and $70 billion. Additionally, Flipkart is in the process of moving its Domicile from Singapore back to India, following in the footsteps of other companies like Pine Labs, Zepto, Meesho, and Razorpay that have relocated their headquarters to their home country.

Ownership Structure

Data from various startup intelligence platforms indicates that Walmart holds an 85% stake in Flipkart Internet, which also encompasses its affiliates PhonePe and Myntra. Other notable shareholders include Tencent, CPP Investments, GIC, SoftBank, and Microsoft. Presently, Flipkart boasts a valuation of $36 billion.

Financial Performance

For the fiscal year ending in 2024, Flipkart reported a 20% increase in operating revenue, amounting to Rs 17,907 crore. Additionally, the company managed to reduce its losses by over 41%, bringing losses down to Rs 2,359 crore during the same time frame.