Flipkart to raise up to $3 bn to expand product range in India: Report

Walmart Inc-backed Flipkart is considering raising $2 billion to $3 billion at a valuation of more than $40 billion to expand its product range in India and challenge rivals, the Mint reported on Tuesday, citing two people with direct knowledge of the matter.

The world’s biggest retailer is keen to bring in strategic investors for the Indian company, but is also open to selling to large pure-play investment firms, the report said, citing one of the two people.

Walmart is yet to formally mandate investment bankers to look for strategic partners and large global investors for the latest fundraising plan, the report added.