Walmart-led group to speculate Rs9K cr in Flipkart

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

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