Flipkart Internet Secures INR 1,421 Cr From Singapore Parent Entity

Flipkart Internet, the marketplace arm of the Walmart-backed company, has raked in INR 1,421 Cr (around $170 Mn) from its Singapore parent via an internal cash transfer.

The transfer was done in two tranches — on March 23 and on April 6, RoC filings showed.

This is the second major fund infusion by the Singapore-based entity into Flipkart Internet. Last month, it received about INR 924 Cr ($111 Mn). Flipkart Internet has received around $282 million in 2024 alone from its Singapore related entities.

It was reported earlier that Flipkart was also looking to raise a fresh funding of $1 Bn, with Walmart committing $600 Mn. This fresh infusion will likely value Flipkart at about 5-10% premium to its last valuation of $33 Bn.

With this funding, the total infusion received by Flipkart India goes to $281 Mn. The ecommerce major has been working on the expansion of its offerings, lately.

The latest development comes close on the heels of Flipkart planning to venture into the quick-commerce space. During the initial phase of the launch, the company was reported to be planning to offset its services across at least a dozen cities. 

According to media reports, it is also opening up dark stores across several cities including Bengaluru, Delhi-NCR and Hyderabad, among others.

Recently, the company has also expanded its travel services offerings by launching a bus booking facility on its app. For the same, it has also signed partnerships with multiple state transport corporations and private aggregators. Through the new launch, Flipkart will provide customers access to 10 Lakh bus connections, covering over 25,000 routes across India. 

However, amid all this, the ecommerce major saw a drop in its valuation by $5 Bn (INR 41,432 Cr) as of January 2024 compared to January 2022, as per equity transactions by its US parent Walmart.

This decline was attributed by the company to the demerger of fintech firm PhonePe into a separate entity.