Flipkart Internet, the e-commerce subsidiary of the Walmart-backed company, has received INR 1,421 Cr (approximately $170 Mn) through an internal fund transfer from its Singapore-based parent.
According to RoC filings, the transfer occurred in two installments: one on March 23 and another on April 6.
This marks the second significant capital injection from the Singapore-based entity into Flipkart Internet. Just last month, Flipkart Internet received approximately INR 924 Cr ($111 Mn). In 2024 so far, Flipkart Internet has garnered around $282 million from its affiliated Singapore entities.
Continue Exploring: Flipkart Internet receives INR 924 Crore cash infusion from Singapore entities
Earlier reports indicated that Flipkart was exploring a new funding round of $1 billion, with Walmart pledging $600 million. This anticipated injection is expected to value Flipkart at approximately 5-10% higher than its previous valuation of $33 billion.
With this funding, Flipkart India has now received a total of $281 million in investments. The leading e-commerce platform has recently been focusing on expanding its range of offerings.
The recent development closely follows Flipkart’s plans to enter the quick-commerce sector. In the initial stages of the launch, the company was reportedly aiming to roll out its services in at least a dozen cities.
Continue Exploring: Flipkart challenges Zepto and Blinkit with quick commerce expansion
Media reports indicate that Flipkart is also opening dark stores in a number of cities, including Hyderabad, Bengaluru, and Delhi-NCR.
Recently, the company has broadened its travel services by introducing a bus booking feature on its app. To facilitate this, Flipkart has partnered with several state transport corporations and private aggregators. With this new offering, Flipkart will offer customers access to 10 lakh bus connections, spanning over 25,000 routes across India.
Continue Exploring: Flipkart expands portfolio with nationwide bus booking services, introduces 25,000 routes across India
However, despite these developments, the e-commerce giant experienced a decrease in its valuation by $5 billion (INR 41,432 Cr) as of January 2024 compared to January 2022, according to equity transactions by its US parent company, Walmart.
The company attributed this decline to the demerger of the fintech firm PhonePe into a standalone entity.
