Walmart leads USD 1.2 bln financing round in Flipkart

Wednesday 15 July 2020 09:00 CET | News

Walmart has increased its majority-stake in Flipkart by leading a USD 1.2 billion financing round.

According to TechCrunch, Walmart would help Flipkart, which was valued at USD 20.8 billion in 2018, increase its ecommerce marketplace in India, with the help of other existing investors who also participated in the new financing round.

Moreover, Flipkart’s monthly active customers surged 45% in 2020, compared to 2019, and these customers are making 30% more transactions, surpassing 1.5 billion visits per month.

Furthermore, the partnership comes at a time when JioMart has started to expand in the Indian ecommerce market, as a joint venture between Reliance Retail and Jio Platforms launched in early 2020 in select sub urban areas of Mumbai and has since expanded to more than 200 cities and towns across the nation.

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Keywords: Walmart, financing round, Flipkart, ecommerce, marketplace, India, JioMart
Categories: Payments & Commerce
Countries: India
This article is part of category

Payments & Commerce