Flipkart said it has raised $3.6 bn in capital from few global investors, sovereign funds, PE, and parent Walmart. The current financing will raise its valuation to $37.6 bn, providing it the much financial muscle to battle in India against the giants including Amazon, Tata Digital, Reliance, and Myntra. In the coming year, Flipkart plans to go public in the US. The e-com platform has over 300,000 sellers are on the marketplace of which 60 % are tier 2 cities and beyond.
Flipkart changed top management ahead of IPO planed at end of 2021. Hemant Badri has been appointed as senior VP, Supply Chain Ops while Amitesh Jha, who previously headed supply chains of Flipkart and Myntra will look after category design operations and Marketing, Merchandising & Monetization. Ranjith Boyanapalli, Head of the fintech group, will take up the additional charge of customer experience, marketplace and Liquidation Team.
Flipkart will buy a 7.8% stake in Aditya Birla Fashion and Retail for Rs 1500 cr. It will give the e-comm company a bigger foothold in its battle against rival Amazon.com and Reliance retail in the country’s fast-growing online market. The deal will help Flipkart and its subsidiary Myntra to add more merchandise from international brands — Forever 21, American Eagle Outfitters and Ralph Lauren, etc — which Birla group has a license to sell in India.