TIL Desk/National/New Delhi/ US retail giant Walmart will lead a $1.2 billion (about Rs 9,045 crore) investment in Indian e-commerce company Flipkart to give it extra firepower to compete with Amazon and billionaire Mukesh Ambani’s JioMart.
The fresh equity round values Flipkart, where Walmart acquired a majority stake for $16 billion two years ago, at $24.9 billion post-money, the two companies said in a statement. Flipkart was valued at $20.8 billion two years ago.
The investment is led by Walmart along with a group of existing shareholders, the statement said. The other shareholders investing in Flipkart were not identified by the company. Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world’s second-largest internet market begins to recover from the COVID-19 crisis, Flipkart said.
