Flipkart raises $3.6 billion, valuation jumps to $37.6 billion

Homegrown e-commerce company Flipkart has raised $3.6 billion in a new funding round, its first capital infusion from external investors since US retailing behemoth Walmart acquired it for $16 billion in 2018.

The fundraising is expected to give the Sachin and Binny Bansal-founded startup significant firepower to expand online shopping and take on well-capitalised rivals such as Amazon Inc, Reliance Industries and the Tata Group.

Canada Pension Plan Investment Board (CPP Investments), the Singapore government’s sovereign wealth fund GIC, Japan’s SoftBank Vision Fund 2 and Flipkart’s largest shareholder Walmart led the round, with participation from existing backers like Qatar Investment Authority.