Walmart’s Flipkart Raises Funding at $37.6 Billion Valuation
- Indian online retail giant is adding $3.6 billion in capital
- Main owner Walmart, Antara, SoftBank among investors in round
Flipkart completed a fundraising round valuing the Indian online retailer at $37.6 billion, with main owner Walmart Inc. joining investors including SoftBank Group Corp. in injecting $3.6 billion of fresh capital.
Tencent Holdings Ltd., Blackstone Group Inc.-backed Antara Capital and several sovereign wealth and pension funds also participated, the company said Monday in a statement. Those include Abu Dhabi’s sovereign fund ADQ, Singapore’s GIC Pte, Qatar Investment Authority and Canada Pension Plan Investment Board.
The funding round is a boon for Flipkart and U.S. retail giant Walmart, which bought a majority of the Indian company three years ago for $16 billion and has been working toward an initial public offering for the business. It has since carved out the payments arm PhonePe from Flipkart, a unit that could be valued at close to $10 billion, people familiar with the matter said.