Team Blitz India
NEW DELHI: E-commerce major Flipkart got a major boost as retail giant Walmart invested $600 million, confirmed the company.
Walmart’s $600-million funding in Flipkart comes after capital infusion from the Bentonville-based retailer in PhonePe for its funding as well as major tax pay-out to the Indian government to domicile the payments firm in India.
Walmart had also facilitated a $750-million one-time pay-out for Flipkart employees earlier this year as part of the PhonePe’s recently concluded funding round as well as separation from the group.
Other internal stakeholders and a few external investors will put in the remaining $400 million, the sources added. Flipkart will use the money to expand its operations, strengthen its supply chain and bolster its tech capabilities.
The ongoing round values Flipkart at a premium of around 5-10 per cent from its previous valuation, said the source.
