Flipkart Group, a part of Walmart, announced that it raised $3.6 billion in funding led by investors GIC, CPP Investments, SoftBank Vision Fund 2 and Walmart.
DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global, have also participated.
The investment values the Group at US $37.6 billion post-money.
U.S. retail giant Walmart bought 77 percent stake in Flipkart in 2018.
The Bengaluru-based company is now exploring going public for a valuation of up to $50 billion.
Flipkart has more than 350 million registered users across the country. Flipkart has been investing in key categories, including fashion, travel and grocery. Myntra, the Group’s fashion entity, is among the leaders in the category.
Flipkart’s logistics and supply chain arm, Ekart, employs more than 100,000 people and makes deliveries to more than 90 percent of the addressable pin-codes in India, which, coupled with strategic warehouse infrastructure investments, is one of the group’s core strengths.
Venturing into the social commerce space, Flipkart recently announced the launch of Shopsy, which will encourage local entrepreneurship. More than 300,000 registered sellers from across the country are on Flipkart’s marketplace, and 60 percent are from tier 2 cities and beyond.
The Group is also a majority shareholder in PhonePe, one of the leading Payments Apps in India with more than 300 million users, facilitating over 1 billion transactions per month, 80 percent of which occur in tier 2 and 3 cities and beyond.