India’s E-commerce Giant Flipkart said that it raised $3.6 billion in fresh funds from global investors. That includes sovereign funds, private equity and its parent company, Walmart. The new round of funding was led by Singapore sovereign wealth fund GIC, the Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart.It also included investments from sovereign funds like Qatar Investment Authority, Malaysia’s Khazanah Nasional Berhad and DisruptAD, the venture arm of the Abu Dhabi sovereign fund, ADQ.Other backers included China’s Tencent, Franklin Templeton and Tiger Global.
Kalyan Krishnamurthy, CEO of India’s E-commerce Giant Flipkart said that this investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders. He said the company will focus on helping millions of small- and medium-sized Indian businesses to grow, including small family-owned grocery shops known as kiranas, and plans to continue investing in new categories and home-grown technologies.
In recent years, a combination of reforms, a push toward digitization and last year’s coronavirus pandemic and subsequent national and regional lockdowns shifted some of the transactions online. In the last three months of 2020, India’s e-commerce sector grew 36% year on year in terms of volume and 30% year on year in terms of value, according to a joint report from Unicommerce and Kearney.