Flipkart valuation jumps to $37.6 billion

At a time when big corporates like Reliance Industries and Tata Group are expanding their footprint by foraying into online play, e-commerce major Flipkart has raised a huge $3.6 billion in a fresh round of funding from a clutch of investors led by GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart to take on the emerging competition.

The new round of funding was also backed by sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global, the company said in a statement on Monday.