Flipkart Raises $3.6 Billion, Sovereign Wealth Funds Back

Posted on 07/12/2021

The Flipkart Group announced that it has raised US$ 3.6 billion in funding as it continues to grow and advance the digital commerce ecosystem in India. The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers in addition to Walmart. This round of funding was led by financial investors GIC Private Limited, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2, and Walmart, along with investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Tencent Holdings Limited, Willoughby Capital, Antara Capital, Franklin Templeton, and Tiger Global Management. The investment values the Group at US$ 37.6 billion post-money.

Out of the current round, Canada Pension Plan Investment Board made an investment of US$ 800 million in the Flipkart Group.

Flipkart is majority-owned by Walmart.

Speaking on the development, Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said in a press release, “At Flipkart, we are committed to transforming the consumer internet ecosystem in India and providing consumers access and value. This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximize this potential for all stakeholders. As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain.”

J.P. Morgan Securities (Asia Pacific) Limited and Goldman Sachs & Co. LLC served as placement agents to Flipkart in connection with this transaction, Hogan Lovells and Shardul Amarchand Mangaldas & Co. served as legal counsel.

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