Walmart-Owned Flipkart Invests ₹28.3 Billion Into Its India Unit

Indian e-commerce giant Flipkart has raised ₹28.3 billion from its Singapore-based parent entity, as per filings sourced by paper.vc. And this money was raised at a premium of ₹34,799 per share.

“This is the largest fund transfer from its parent to its Indian operating entity in 2019. The previous two fund infusions being $225.4 million in August and $200 million in January,” said a statement from data intelligence firm paper.vc.

While the details for the infusion of capital from its parent entity which is named — Flipkart Private Limited,Singapore — are not yet known, Flipkart has been ramping up it efforts in the Indian e-commerce space.

It has been taking up various efforts like expanding its e-commerce presence to Tier 2,3 cities and beyond. It also launched a Hindi version of its app to reach out to the next 200 million internet users.

Flipkart had also launched an OTT platform for video content in October. For this, it partnered with production houses to create for original content on the platform.

Flipkart which is one of India’s largest e-commerce platforms was acquired by Walmart in 2018. Walmart’s acquisition of Flipkart for $16 billion was one of the world’s biggest e-commerce deals.