Daily news updates | 15/07/2020 09:15 AM | Click to read full article
Flipkart on Tuesday closed an additional $1.2 billion equity round led by its majority owner and US e-commerce giant Walmart. The fresh investment values the Bengaluru-based company at a whopping, $24.9 billion.
The new funding comes over two years after Walmart acquired 77 percent controlling stake in Flipkart at $16 billion back in May 2018. The latest equity round has the involvement of existing investors too. The funding will be used to bolster Flipkart’s presence in India.