Flipkart’s valuation surges to $37.6b after fresh fundraise from SoftBank, others

India-based ecommerce giant Flipkart announced that it has raised US$3.6 billion in its latest round of funding at a valuation of US$37.6 billion.

More funding details

• Lead investors: GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2, and Walmart
• Other investors: DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton, and Tiger Global
• Stage: Unspecified

More company updates

• Flipkart said it will focus on developing its facilities to serve small and medium-sized Indian businesses, including kiranas or local stores.
• The company will also invest in new categories and leverage made-in-India technology to improve its supply chain and customer experience.
• Currently, Flipkart engages over 350 million registered users on its platform. Myntra, the company’s fashion-focused entity, is one of its most prominent segments.
• Ekart, the company’s logistics and supply chain arm, employs more than 100,000 people and delivers to over 90% of postal codes in India.
• The fundraising comes as the Walmart-owned ecommerce firm prepares for a potential US listing amid a rush among Indian companies to go public. Companies like Zomato, Policybazaar, Nykaa, and PharmEasy are all looking to do an initial public offering soon. (Read: The leading Asian tech players eyeing an IPO in 2021)
• The move sets Flipkart up for rising competition in the country’s social commerce space, where smaller players like BulBul and Meesho are also vying for market share. (Read: India’s social commerce startups are dodging Amazon, Flipkart)

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.