Walmart's Flipkart in early talks to raise $1 billion - ET


FILE PHOTO: The logo of India's e-commerce firm Flipkart is seen in this illustration picture taken January 29, 2019. REUTERS/Danish Siddiqui/Illustration

BENGALURU (Reuters) - Walmart Inc-owned Indian e-commerce firm Flipkart is in early talks with investors to raise at least $1 billion, the Economic Times reported https://economictimes.indiatimes.com/tech/funding/flipkart-plans-a-big-billion-day-with-new-investors/articleshow/82533913.cms on Tuesday, citing people familiar with the matter.

Flipkart's fund raise plans come at a time when the company is considering an initial public offering (IPO), while it battles players including Amazon.com's local unit and billionaire Mukesh Ambani-owned Reliance Retails' JioMart amid a pandemic that has seen demand for online services skyrocket.

Reuters first reported in September that Bengaluru-based Flipkart was preparing for an IPO overseas as early as 2021, which could value the firm at as much as $50 billion.]

Flipkart raised $1.2 billion in fresh funding last year, with Walmart as its lead investor. That round valued Flipkart, which counts China's Tencent, U.S. hedge fund Tiger Global, and Microsoft among its investors, at $24.9 billion.

"The capital raise is not being positioned as pre-IPO but for expansion," an executive involved in the process told the Economic Times, adding that the capital raise could go up to $2 billion.

Flipkart did not immediately respond to a Reuters request for comment.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Vinay Dwivedi)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

   

Next In Tech News

Turkey's Trendyol in talks to raise $2 billion investment - sources
Cloud service demand helps Oracle beat profit, revenue expectations
White House taps Lina Khan to chair Federal Trade Commission -source
France's Macron calls for European tech company push by 2030
Canada launches long-awaited auction of 5G spectrum
Biden to name Big Tech critic Khan as U.S. FTC chair -sources
Americans are curious about electric trucks, but low cost, durability come first - Reuters/Ipsos poll
Volkswagen seeks partnerships for battery materials 'race'
GM's self-driving car unit Cruise to access $5 billion credit line
Telecom Italia and Cisco seal cloud business services partnership

Stories You'll Enjoy


Vouchers