Walmart-owned Indian eCommerce platform Flipkart has raised $3.6 billion in fresh funding, doubling its valuation to $37.6 billion in less than three years.
The Bengaluru-based company is aiming to reach a $50 billion valuation in preparation for a public listing as early as this year.
The company’s latest investment round saw participation from Japan’s SoftBank Group, which had sold its 20 percent stake in Flipkart to Walmart back in 2018. GIC and Canada Pension Plan Investment Board, which contributed $800 million, were some of the other investors, in addition to Walmart.
“SoftBank’s re-investment in Flipkart is driven by our experience with and conviction in the company’s management team to continue addressing the needs of the Indian consumer in the decades to come,” said Lydia Jett, partner at SoftBank Investment Advisers.
The fresh funding will be used to expand operations and further bolster the company’s grocery, fashion and grocery business, Reuters reported.
In recent years, Flipkart has broadened its product offerings to include furniture and groceries and has expanded its presence to small towns and cities, which has helped it reach more than 350 million registered users.
As the company has grown its business, it has become a key rival for Amazon’s Indian unit. Both companies began their business by selling books but have diversified their business across various retail segments over the years.