THE WHAT? Indian e-commerce start-up Flipkart, backed by Walmart, has seen its valuation rise to US$37.6 billion following fundraising supported by Japan’s SoftBank Group and other investors, according to WSJ.
THE DETAILS The company has raised US$3.6 billion in funds, with investors including Singapore-based GIC Pte, the Canada Pension Plan Investment Board, SoftBank’s Vision Fund 2, and Walmart.
THE WHY? The deal cements Flipkart as one of the most valuable private tech companies globally, while also highlighting the ongoing appetite for online shopping in india.
Taking to a statement Flipkart said, “This investment reflects global investor confidence in digital commerce in India, which has continued to accelerate over the last year.”