Flipkart has received a USD 600 million investment from Walmart, valuing the company at 5-10% higher than its previous valuation. The funding will be used to support Flipkart's growth and expansion in India.
New Delhi, Dec 22 (PTI) Flipkart has secured USD 600 million of funding from US retail giant Walmart at around 5-10 per cent higher valuation, sources aware of the development.
The company confirmed that it has secured USD 600 million from Walmart.
Sources, who did not wish to be identified, said that the funding has come at a higher valuation in the range of 5-10 per cent without disclosing the actual figures.
Flipkart did not comment on the valuation of the company post fresh fund infusion from its parent firm.
The last disclosed valuation was USD 37.6 billion or Rs 2.79 lakh crore when it raised USD 3.6 billion or about Rs 26,800 crore from GIC, Canada Pension Plan Investment Board, Softbank Vision Fund 2, Walmart, DisruptAD, Qatar Investment Authority, Tiger Global etc.
Another source said that the valuation of the company is still below USD 40 billion.
The company posted a 9.4 per cent increase in consolidated net total income to Rs 56,012.8 crore in financial year 2023 from Rs 51,176 crore in FY 2022.
Despite a rise in total income, Flipkart posted a widening of consolidated loss to Rs 4,890.6 crore in the financial year 2023 from Rs 3,371.2 crore a year ago.
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