Flipkart spent $1.1 billion from February to July, shows Walmart filings

E-commerce firm Flipkart spent $1.1 billion from February 1 to July 31, according to parent company Walmart’s filings with the US Securities and Exchange Commission (SEC).

“As of July 31, 2022 and January 31, 2022, cash and cash equivalents of $3.5 billion and $4.3 billion, respectively, may not be freely transferable to the U.S. due to local laws or other restrictions,” said Walmart in its report for the July quarter. “Of the $3.5 billion at July 31, 2022, approximately $1.1 billion can only be accessed through dividends or intercompany financing arrangements subject to approval of the Flipkart minority shareholders; however, this cash is expected to be utilized by Flipkart.”