Flipkart raises $1.2 billion from Walmart
- In 2018, US-based retail giant Walmart bought a majority stake in Flipkart for $16 billion but the latest round of funding follows a series of investment announcements made by US-based companies in Indian digital space.
- The 1.2 billion dollars investment will support Flipkart’s ongoing efforts to develop India’s homegrown eCommerce marketplace as a country that emerges from the pandemic.
- In January, Amazon announced an additional $1 billion investment in India operations. This was followed by Facebook’s 5.7 billion dollars investment in Reliance Jio in April, and a part of the deal was a collaboration between Facebook-owned WhatsApp and Reliance’s e-commerce venture JioMart.
- Lastly, search giant Google recently announced that it plans to invest $10 billion in India over the next five to seven years.
Source: Indian Express