New Delhi, July 14
US retail large Walmart will lead a $1.2 billion (about Rs 9,045 crore) funding in Indian e-commerce firm Flipkart to present it further firepower to compete with Amazon and billionaire Mukesh Ambani’s JioMart.
The contemporary fairness spherical values Flipkart, the place Walmart acquired a majority stake for $16 billion two years in the past, at $24.9 billion post-money, the 2 corporations mentioned in a press release.
Flipkart was valued at $20.eight billion two years in the past.
The funding is led by Walmart together with a bunch of current shareholders, the assertion mentioned.
The different shareholders investing in Flipkart weren’t recognized by the corporate. — PTI