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Deepti Sri · · 1 min readSources: Flipkart eyes $3b funding from SoftBank, sovereign wealth funds
“Flipkart, the Indian ecommerce giant controlled by Walmart, is in talks to raise at least US$3 billion from investors including SoftBank Group and several sovereign wealth funds,” Bloomberg reported, citing people familiar with the matter.
Details:
- Flipkart aims to hit a valuation of about US$40 billion. It’s also in discussions with Singapore’s GIC, Canada Pension Plan Investment Board, and the Abu Dhabi Investment Authority for the fundraise.
- As part of the financing round, SoftBank will reportedly pour US$300 million to US$500 million into the ecommerce firm through its Vision Fund II. Flipkart is said to be eyeing investments in its supply chain and technology as it plans for potential acquisitions.
Context:
- In May, Flipkart was looking to raise US$1 billion at a US$30 billion valuation before its public listing, which has been pushed to early next year.
- The company landed US$1.2 billion in a round led by US retail giant Walmart in July 2020 at a valuation of around US$24.9 billion. It has also reportedly hired Goldman Sachs to explore an initial share sale of Flipkart in the US to raise around US$10 billion.
Editing by Collin Furtado and Eileen C. Ang
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